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5C
NEWPORT NEWS REDEVELOPMENT AND HOUSING AUTHORITY
MEMORANDUM
DATE: April 21, 2026
TO; All Members, Board of Commissioners
FROM: Lysandra M. Shaw, Executive Directo JU
SUBJECT: Newport Harbour Apartments — Authorization and Approval of the
Terms and Provisions of the Consent Agreement Regarding the
Acquisition by the Purchaser
The Newport News Redevelopment and Housing Authority's (NNRHA) Board of
Commissioners adopted a resolution in 2018 authorizing the issuance of revenue bonds
in an aggregate principal amount not to exceed $18,000,000 to finance costs associated
with the acquisition, construction, renovation, rehabilitation and equipping of the property
previously known as Harbour Newport News Apartments, now referred to as Newport
Harbour Apartments. The property is a 200-unit project consisting of thirty-one (31) two-
story buildings and is located at 2325 Madison Ave in Newport News.
The Harbour-Newport News Limited Partnership, a Virginia limited partnership’s (Owner)
general partner, Harbour-Newport News, GP, LLC (Seller), a Maine limited liability
company (has agreed to sell its GP membership interest (0.01%) in Harbour-Newport
News Limited Partnership, a Virginia limited partnership, to the purchaser with the
consent of Wells Fargo Affordable Housing Community Development Corporation, 99.9%
investor limited partner and is seeking approval from the NNRHA Board of
Commissioners of the terms and provisions of a the attached consent agreement. By
purchasing the ownership of the Membership Interest (.01% in Harbour-Newport News
Limited Partnership), acting as the general partner of the project and the purchaser, the
purchaser will acquire 100% of the controlling interests in the project and associated
assets.
The purchaser will assume all amounts due and payable on the Bonds previously issued
in connection with the project and continue to reserve at least forty percent (40%) of the
housing units in the project for occupancy by persons whose income is less than sixty
percent (60%) of the area median income.
The acquisition of the project will promote the availability of affordable housing and safe,
decent and sanitary housing for those citizens with low- to moderate-income in the city.
Board approval of the attached resolution is recommended.Jump to an indexed page (195 of 195)