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(“LURA”), 26 of the housing units will be at 40% AMI, 124 housing units at 50% AMI and 100
housing units at 60% AMI; and
WHEREAS, the Borrower applied to the Issuer for the issuance of tax-exempt bonds not
to exceed $45,000,000 of the Issuer’s Multifamily Housing Revenue Bonds (Stuart Gardens |
Apartments) (the “Bonds”) in the initial Bond Allocation Application to be issued to finance the
Project; and
WHEREAS, pursuant to due notice, the Issuer conducted a public hearing on April 15,
2025 on the application of the Borrower for the issuance of such Bonds in compliance with the
requirements of Section 147(f) of the Code and the Virginia Code; and
WHEREAS, at a meeting held on October 21, 2025, the Borrower met with the Issuer to
request that they submit a recommendation to the City Council of the City (the “City Council”)
that they provide “governing body approval” and authorize the issuance of Bonds on behalf of
the Project by the Issuer; and
WHEREAS, on December 9, 2025, the City Council unanimously approved the issuance
of the Bonds by the Issuer on behalf of the Project; and
WHEREAS, pursuant to Section 146 of the Code, Title 15.2, Chapter 50 of the Virginia
Code (the “Virginia Code”) and the 2026 Virginia Private Activity Bond Allocation Guidelines,
promulgated by the Virginia Department of Housing and Community Development (“DHCD”),
an allocation from the “State ceiling” (as defined in Section 146 of the Virginia Code) limitation
on the volume of private activity notes or bonds which may be issued in the Commonwealth in
2026 (“Volume Cap”) which must be granted by DHCD, in its capacity as Allocation
Administrator, in accordance with the Virginia Code in order for the interest on the Bonds to be
exempt from the imposition of federal income tax, for which allocation of Volume Cap an
application must be submitted by the Issuer to DHCD; and
WHEREAS, the Issuer has given its support to the Borrower’s Bond Volume Cap
Allocation Application, initially submitted to the DHCD in the First Round Solicitation on
February 13, 2026 to the DHCD; and
WHEREAS, the DHCD Bond Allocation Application submitted to the DHCD was
deferred into the Second Round Solicitation; and
WHEREAS, by letter to the Borrower dated April 17, 2026 (the “42(m) Letter”), the
Virginia Housing Development Authority (“WHDA”) confirmed its determination for purposes
of Section 42(m)(2) of the Code that the amount of annual federal tax credits reserved for the
Project does not exceed the amount necessary for the financial feasibility of the Project and its
viability as a qualified low-income housing project throughout the credit period and low income
housing tax credits (“LIHTC”) were awarded to the Project; and
WHEREAS, the Borrower submitted its Supplemental Bond Allocation Application
Submission to the DHCD on April 28, 2026 (the “Supplement”); andJump to an indexed page (744 of 744)