Creative Services

PFA served as the Financial Advisor for a series of Tax Increment Financings (TIF) Districts in Huntsville, Alabama, which has led to the issuance of over $75 million in TIF Revenue Bonds. PFA has been involved in the creation and structuring of innovative financing structures. Proceeds from the TIF Revenue Bonds were utilized to construct certain public infrastructure improvements within the TIF Districts, the construction of three new schools in largely undeveloped areas, and improvements to eight other schools in the Districts. The TIF financings were structured by PFA and represent the first broad utilization of TIF financings in the state.

PFA was instrumental in the formation of the Public Housing Finance Corporation of Alabama, which issued in excess of $125 million of tax-exempt debt on a “pooled” basis for 37 Alabama Public Housing Authorities in August 2003. This transaction, a first of its kind in the country, obtained HUD approval in 2003 and was named “Southeastern Deal of the Year” by the Bond Buyer for 2003.

In 2004, PFA began working with a major lender to develop a product for providing Capital Fund Financing to small and mid-size Public Housing Authorities in a low cost and efficient transaction. Once the product development was complete, PFA was selected as Technical Service Provider to help navigate each client through the structuring, approval and closing process. The Capital Fund securitization direct loan product was highly successful and provided to Public Housing Authorities throughout the country with over $ 393 million in necessary capital for the much needed modernization, renovation, and development of aging Public Housing. PFA also provides asset management services to the lender and has monitored the status of the portfolio since closing.