This page was read by OCR. Text can misread numbers, dates or table columns. Check the PDF before quoting or interpreting it. Redacted areas remain redacted.
RESOLUTION OF THE
NEWPORT NEWS REDEVELOPMENT AND HOUSING AUTHORITY
AUTHORIZING THE ISSUANCE OF ITS
MULTIFAMILY HOUSING REVENUE BONDS
(STUART GARDENS I APARTMENTS) SERIES 2026
AND THE EXECUTION AND DELIVERY OF RELATED DOCUMENTS
WHEREAS, the Newport News Redevelopment and Housing Authority (the “Issuer’),
was created pursuant to the Virginia Housing Authorities Law, Chapter 1, Title 36 of the Code of
Virginia, as amended (the “Act”), to issue its revenue bonds 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 of affordable housing
opportunities and of the safety, health and welfare of its citizens; and
WHEREAS, each member of the Issuer has, before entering upon his or her duties during
his or her present term of office, taken and subscribed to the oath prescribed by Section 49-1 of
the Code of Virginia of 1950, as amended; and
WHEREAS, no member of the Board of Commissioners of the Authority has any
personal or business interest in the Borrower or the Bonds or has otherwise engaged in conduct
prohibited under the Conflict of Interests Act, Chapter 31, Title 2.2 of the Code of Virginia of
1950, as amended (the “Conflict of Interests Act”) in connection with this Resolution or any
other official action of the Issuer in connection therewith; and
WHEREAS, Stuart Gardens Housing Partners, LP, a Virginia limited partnership (the
“Borrower”), has previously come before the Issuer and the City Council of the City of Newport
News, Virginia (the “City”) to request financing for 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 I Apartments
located at 1358 Garden Drive, Newport News, Virginia 23607, in the City, to fund a portion of
the costs of issuance if needed and other related transaction costs (collectively, the “Project’’);
and
WHEREAS, the Borrower initially proposed that the Project reserve at least forty percent
(40%) of the housing units contained therein for occupancy by persons whose income is less than
sixty percent (60%) of area median gross income (“AMI”), adjusted for family size, as required
by Section 142(d)(1)(A) and Section 142(d)(2)(B)(i) of the Internal Revenue Code of 1986, as
amended (the “Code”), and that, pursuant to the tax credit Land Use Restrictive AgreementJump to an indexed page (744 of 744)