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5e
NEWPORT NEWS REDEVELOPMENT AND HOUSING AUTHORITY
MEMORANDUM
DATE: August 19, 2025
TO: All Members, Board of Commissioners
FROM: Lysandra M. Shaw, Executive Director/ANS-
SUBJECT: Resolution of Board of Commissioners Authorizing a Project Loan to
Choice Neighborhood V LLC
Board approval is needed to issue a loan to the Choice Neighborhood V Development
Corporation to facilitate the construction and development of the final CNI housing phase
of the Choice Neighborhood Implementation grant, which will be constructed on
Washington Avenue between 28" and 29" Streets. The project consists of 73 units with
a mix of 1- bedroom (14), 2- bedroom (50) and 3- bedroom (9) units.
The loan is made up of funds from the following sources:
Funding Source Type of Financing Use Amount Construction Permanent
Choice Grant to Development Not to | X xX
Neighborhood NNRHA - soft Construction exceed
Initiative Funds loan to CNI V Costs $5,811,915
NNRHA — CNI NNRHA Development Not to | X Xx
Program Income | program income | Construction exceed
— soft loan to Costs $2,000,000
CNIV
City of Newport Grant to Development Not to | X x
News Funds NNRHA - soft Construction exceed
loan to CNI V Costs - $5,304,365
Infrastructure
and Hard
Costs
Total $13,116,280
(Not to exceed)
NNRHA — Funds | VHTF — soft Permanent $3,000,000 x
from DHCD loan to CNI V pay hard debt
NNRHA — Funds | HIEE — soft loan | Permanent $2,000,000 x
from DHCD to CNI V pay hard debt
Total $5,000,000
(Not to exceed)Jump to an indexed page (54 of 54)