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percent (60%) of the area median gross income, as required by Section 142(d)(1)(B) of the Code;
and
WHEREAS, at the request of the Purchaser, the Authority has been asked to authorize and
approve the terms and provisions of a consent agreement regarding the acquisition by the
Purchaser of the Jefferson-Newport News Apartments dated April 21, 2026 (the “Consent
Agreement”) as prepared and reviewed by Bond Counsel and attached hereto as Exhibit A; and
WHEREAS, the Purchaser will be acquiring the James River Flats Apartments Project
through its acquisition of the fee simple interests of the company currently owned by the Seller
(the “Fee Purchase Interests”) with respect to such Project; and
WHEREAS, for background information for the Authority in conjunction with the Consent
Agreement, the Purchaser is providing the following background information: (i) a Project
Summary attached as Exhibit B, and (ii) a Resume with information on the Purchaser attached as
Exhibit C; (iii) a list of Transaction Documents (as hereinafter defined) as Exhibit D and (iv) a
form of Bond Assignment and Assignment and Assumption of Bond Documents and All Project
Assets as Exhibit E; and
WHEREAS, each member of the Authority has, before entering upon his or her duties
during his or her present term of office, taken and subscribed to the oath prescribed by Section 49-
1 of the Code of Virginia of 1950, as amended; and
WHEREAS, no member of the Board of Commissioners of the Authority has any personal
or business interest in the Purchaser, the Seller, the Investment Limited Partner, the Prior Owner
or the Bonds or has otherwise engaged in conduct prohibited under the Conflict of Interests Act,
Chapter 31, Title 2.2 of the Code of Virginia of 1950, as amended (the “Conflict of Interests
Act”) in connection with this Resolution or any other official action of the Authority in connection
therewith:
NOW,
THEREFORE,
BE
IT
RESOLVED
BY
THE
NEWPORT
NEWS
REDEVELOPMENT AND HOUSING AUTHORITY:
1.
It is hereby found and determined that the acquisition of the Project by the
Purchaser will be in the public interest and will promote the availability of affordable housing and
safe, decent and sanitary housing for those citizens with low or moderate income in the
Commonwealth and the City.
2.
The Authority hereby plans to assist the Purchaser in facilitating the acquisition of
the Project by authorizing, approving and executing the Consent Agreement attached hereto as
Exhibit A, together with any other transaction documents associated with the acquisition of the
Project that will be assigned and assumed by the Purchaser, including but not limited to the Tax
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