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RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE NEWPORT NEWS
REDEVELOPMENT AND HOUSING AUTHORITY AUTHORIZING THE FORMATION
OF THE ORCUTT TH 30 LLC AS SUCCESSOR LIMITED PARTNER IN THE
ORCUTT TOWNHOMES Ill L.P. AND REQUESTING NEWPORT NEWS CITY
COUNCIL APPROVAL OF THIS PROPOSED ENTITY
WHEREAS, the Orcutt Townhomes (hereinafter the Project) community provides
safe, decent, affordable housing to low-income families and individuals in the City of
Newport News; and
WHEREAS, ithe federal Low Income Housing Tax Credit (LIHTC) program
proceeds from the sale of such tax credits, in combination with capital funds, were utilized
to develop this mixed finance project which was placed in service in 2011; and
WHEREAS, the required fifteen (15) year LIHTC compliance period has been
fulfilled, and the limited (investor) partner and the special limited partner wish to withdraw
from the Orcutt Townhomes II] L.P.; and
WHEREAS, a successor limited partner (Orcutt TH 30 LLC) must be created to
replace the current (investor) partner and special limited partner in the Partnership to
enable the Project to continue to operate as affordable housing to families and individuals
in the city; and
WHEREAS, Title 36 of the Code of Virginia requires that the formation of legal
entities by local public housing authorities be approved by the local governing body.
WHEREAS, continuation of the Orcutt Townhomes III L.P. and the operation of the
Orcutt Townhomes housing community is in the best interests of the residents of the city
and furtherance of the housing goals of the community.
NOW THEREFORE BE IT RESOLVED:
(1) That in accordance with Title 36 of the Code of Virginia the Board of
Commissioners authorizes the creation of the Orcutt TH 30 LLC and the Executive
Director is hereby authorized to take the necessary actions to form this entity in
accordance with applicable requirements.
(2) BE IT FURTHER RESOLVED that the Board of Commissioners requests that the
Newport News City Council likewise approve the formation of this entity.Jump to an indexed page (43 of 43)