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RESOLUTION OF THE NEWPORT NEWS REDEVELOPMENT AND HOUSING
AUTHORITY AUTHORIZING AND APPROVING THE PURCHASE OF THE
GENERAL PARTNER (“GP”) MEMBERSHIP INTEREST OF HARBOUR-NEWPORT
NEWS LIMITED PARTNERSHIP BY STANDARD NEWPORT HARBOUR GP LLC
(the “PURCHASER”) FROM THE HARBOUR-NEWPORT NEWS GP, LLC (THE
“SELLER”)
WHEREAS, the Newport News Redevelopment and Housing Authority, a political
subdivision of the Commonwealth of Virginia (the “Authority”), is empowered by the Virginia
Housing Authorities Law in Chapter 1, Title 36 of the Code of Virginia, as amended (the “Act”),
to issue its revenue bonds and to promote the availability of affordable housing for all citizens of
the Commonwealth of Virginia (the “Commonwealth”) by providing, among other things, safe,
decent and sanitary housing for those citizens with low or moderate incomes and assisting in the
financing of multifamily affordable residential housing facilities; and
WHEREAS, such assistance will benefit the inhabitants of the City of Newport News,
Virginia (the “City”) and the Commonwealth, through the promotion and support of new or
existing affordable housing projects and opportunities and of the safety, health and welfare of its
citizens; and
WHEREAS, on December 8, 2018, the Authority adopted a final resolution authorizing the
issuance of affordable housing revenue bonds in the aggregate principal amount of such bonds not
to exceed $18,000,000 (the “Bonds”)(Series 2019) to finance costs associated with the acquisition,
construction, renovation, rehabilitation and equipping of a multifamily residential rental housing
project consisting of thirty one (31) two story buildings containing 200 apartment units featuring
a one story common laundry building and a one story community and leasing office building
situated on approximately 10.230 acres of property previously known as the Harbour Newport
News Apartments and now known as the Newport Harbour Apartments (the “Newport Harbour
Apartments” or the “Project”), located at 2325 Madison Avenue in the City within the 23601 zip
code; and
WHEREAS, 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, the 99.99%
ILP (“Investor Limited Partner”); and
WHEREAS, the Owner previously acquired the Project from Walker Newport News
Limited Partnership, a Virginia limited partnership (the “Prior Owner”) formerly known as the
Walker Village Project and that was financed by the Authority as of June 1, 2002 with the GNMA
Mortgage Backed Securities (the “2002 Bonds”); and
WHEREAS, the Purchaser hereby represents to the Authority that the Purchaser will
assume all amounts due and payable on the Bonds previously issued in connection with the Project,
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