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5A
Newport News Redevelopment and Housing Authority
Memorandum
Date: June 16, 2026
To: All Members, Board of Commissioners
From: Lysandra M. Shaw, Executive Director fw
Subject: Multifamily Housing Revenue Bonds Issuance Authorization for Stuart
Gardens Phase |
On October 21, 2025, the Authority adopted a preliminary resolution authorizing the
issuance of multifamily housing revenue bonds not to exceed $45,000,000 for Phase | of
the Stuart Gardens project. The proceeds from the sale of these bonds will be used to
finance the rehabilitation, renovation, construction, improvement and equipping of an
approximately 250 unit affordable housing multi-family residential rental housing project
on approximately 21.15 acres of real estate comprised of one (1), two (2), and three (3)
bedroom buildings and referred to as Stuart Gardens | Apartments located at 1358
Garden Drive in the City of Newport News. This portion of the project is currently known
as Stuart Gardens Phase I.
On December 9, 2025, the City Council adopted a resolution providing "public approval"
of the issuance of the proposed Bonds and the plan of financing within the meaning of
the applicable sections of the Virginia Code and the Internal Revenue Code.
The attached final bond resolution is included for your consideration. A representative of
Williams Mullen, bond counsel, will be in attendance to respond to questions.
It is important to note that all fees and costs related to this bond issue will be the
Borrower's responsibility and neither NNRHA nor its Board will be liable in any way for
this debt.
Approval of the attached resolution is recommended.Jump to an indexed page (744 of 744)