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5D
NEWPORT NEWS REDEVELOPMENT AND HOUSING AUTHORITY
MEMORANDUM
DATE: April 21, 2026
TO: All Members, Board of Commissioners
FROM: Lysandra M. Shaw, Executive Director YY
SUBJECT: Jefferson Newport News 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 2013 authorizing the issuance of revenue bonds
in an aggregate principal amount not to exceed $6,725,000 to finance costs associated
with the acquisition, construction, renovation, rehabilitation and equipping of apartments
previously known as North Jefferson Square Apartments, now referred to as James River
Flats. The property is a 100-unit multifamily building located at 400 Shelter Circle in
Newport News.
The Jefferson-Newport News Limited Partnership, a Virginia limited partnership affiliated
with Silver Street Holdings, the Seller, has agreed to sell the project and is seeking
approval from the NNRHA Board of Commissioners of the terms and provisions of the
attached consent agreement.
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 people whose income is less than sixty
percent 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)