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This Preliminary Official Statement and the information contained herein are subject to completion and amendment. The Bonds may not be sold, nor may offers to buy be accepted, prior to the time the Official Statement is delivered
in final form. Under no circumstances shall this Preliminary Official Statement constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of the Bonds, in any jurisdiction in which such offer, solicitation
PRELIMINARY OFFICIAL STATEMENT DATED ________ __, 2026
NEW ISSUE – BOOK-ENTRY ONLY RATING: Moody’s: “Aa1/VMIG-1”
See “RATING” herein
In the opinion of Williams Mullen, under current laws and assuming compliance with certain covenants and agreements and the accuracy of certain representations
and certifications described herein, interest on the Bonds is excludable from the gross income of the holder(s) of the Bonds for purposes of federal income taxation
pursuant to the Internal Revenue Code of 1986, as amended (the "Code"), except as provided in Section 147(a) of the Code with respect to any period during which
the Bonds are held by a person who is a "substantial user" of any facility financed or refinanced by the Bonds or by a ''related person," as such terms are used in
Section 147( a) of the Code and the regulations adopted thereunder, and except as set forth herein under the heading "TAX MATTERS." For purposes of federal
income taxation, interest on the Bonds is not treated as a specific item of tax preference for purposes of calculating the federal alternative minimum tax on individuals.
However, for taxable years beginning after December 31, 2022, such interest is included in the "adjusted financial statement income" ( as defined in Section 56a of
the Code) of certain corporations in determining the applicability and amount of the federal corporate alternative minimum tax imposed under Section 55(b) of the
Code. Bond Counsel is further of the opinion that under current law, the interest on the Bonds is excludable from gross income for purposes of income taxation by the
Commonwealth of Virginia. See further discussion under the heading "TAX MATTERS" herein.
$23,000,000*
NEWPORT NEWS REDEVELOPMENT AND HOUSING AUTHORITY
MULTIFAMILY HOUSING REVENUE BONDS
(STUART GARDENS I APARTMENTS)
SERIES 2026
Dated: Date of Delivery Maturity: As shown below
Initial Mandatory Tender Date: As shown below
The above-captioned bonds (the “Bonds”) will be issued under the provisions of the Indenture of Trust, dated as of July 1, 2026 (the “Indenture”), between the Newport
News Redevelopment and Housing Authority (the “Issuer”) and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”). The Bonds will be issued
for the purpose of making a loan (the “Loan”) to Stuart Gardens Housing Partners, LP, a Virginia limited partnership (the “Borrower”), to finance the costs of the
rehabilitation, renovation, construction, improvement, and equipping of the multifamily housing rental facility consisting of approximately 250 rental units and related
facilities and located in Newport News, Virginia, as more fully described under “THE PROJECT AND THE PRIVATE PARTICIPANTS” herein. Capitalized terms
used on this cover page that are otherwise not defined shall have the meanings provided in Appendix A attached hereto.
The Bonds will be issued as fully registered bonds in book-entry form and book-entry interests in the Bonds will be available for purchase in principal amounts of
$5,000 or any integral multiple of $1,000 in excess thereof. Interest on the Bonds is payable on April 1* and October 1*, commencing October 1*, 2026. Owners of
book-entry interests in the Bonds will not receive physical delivery of bond certificates. The Depository Trust Company, Brooklyn, New York (“DTC”) will act as a
securities depository for the Bonds. DTC, or its nominee, will receive all payments with respect to the Bonds from the Trustee. DTC is required by its rules and
procedures to remit such payments to participants in DTC for subsequent disbursement to the owners of book-entry interests. See “THE BONDS – Book-Entry
System” herein.
The Bonds, when, as and if issued will be special, limited obligations of the Issuer, payable solely from the revenues and other moneys assigned by the Indenture to
secure that payment, which include the payments required to be made by the Borrower under the Loan Agreement, dated as of July 1, 2026 (the “Loan Agreement”),
between the Borrower and the Issuer.
At all times the Bonds will be secured by Eligible Investments and Available Money sufficient to pay, without need for reinvestment, all of the interest and
principal on the Bonds when due to the Initial Mandatory Tender Date, as further described herein. See “SECURITY AND SOURCES OF PAYMENT
FOR THE BONDS” herein.
THE BONDS ARE LIMITED OBLIGATIONS OF THE ISSUER PAYABLE SOLELY FROM THE PLEDGED REVENUES (AS DEFINED IN THE
or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
INDENTURE) AND FROM OTHER MONEY PLEDGED UNDER THE INDENTURE. NEITHER THE FAITH AND CREDIT OF THE
COMMONWEALTH OF VIRGINIA (THE “COMMONWEALTH”) NOR THE FAITH AND CREDIT OF ANY POLITICAL SUBDIVISION THEREOF
(INCLUDING THE ISSUER AND THE CITY OF NEWPORT NEWS, VIRGINIA (THE “CITY”)) ARE PLEDGED TO THE PAYMENT OF THE
PRINCIPAL OF OR THE INTEREST OR PREMIUM, IF ANY, ON THE BONDS. THE ISSUANCE OF THE BONDS SHALL NOT DIRECTLY OR
INDIRECTLY OR CONTINGENTLY OBLIGATE THE COMMONWEALTH OR ANY POLITICAL SUBDIVISION THEREOF (INCLUDING THE
ISSUER AND THE CITY) TO LEVY ANY TAXES WHATEVER THEREFOR OR TO MAKE ANY APPROPRIATION FOR THEIR PAYMENT
EXCEPT FROM THE FUNDS PLEDGED THEREFOR. THE ISSUER HAS NO TAXING POWER.
The Bonds are not secured by or payable from any taxes, revenues or assets of the Issuer except for the Issuer’s interest in the Loan Agreement (including the payments
payable thereunder to the Issuer by the Borrower, but excluding certain rights of the Issuer to payment of fees, expenses and indemnification) and amounts held
pursuant to the Indenture as described herein.
The Bonds are subject to mandatory tender for purchase, subject to satisfaction of the applicable terms and conditions set forth in the Indenture, on the Initial Mandatory
Tender Date. All Holders must tender their Bonds for purchase on the Initial Mandatory Tender Date. The Bonds may be remarketed and a new interest rate for the
Bonds may be determined on the Initial Mandatory Tender Date in accordance with the terms of the Indenture. If the Bonds are remarketed on the Initial Mandatory
Tender Date, the terms of the Bonds after such date may differ materially from the description provided in this Official Statement. Therefore, prospective purchasers
of the Bonds on and after the Initial Mandatory Tender Date cannot rely on this Official Statement, but rather must rely upon any disclosure documents prepared in
connection with such remarketing.
The Bonds are subject to optional redemption prior to the Initial Mandatory Tender Date. See “THE BONDS – Optional Redemption” herein.
THIS COVER PAGE CONTAINS CERTAIN INFORMATION FOR QUICK REFERENCE ONLY. THIS COVER PAGE IS NOT INTENDED TO BE A
SUMMARY OF THIS ISSUE. INVESTORS MUST READ THIS ENTIRE OFFICIAL STATEMENT, INCLUDING THE APPENDICES ATTACHED
HERETO, TO OBTAIN INFORMATION ESSENTIAL TO THE MAKING OF AN INFORMED INVESTMENT DECISION.
Initial Mandatory Interest Rate to
Tender Date Maturity Date Amount Initial Mandatory Price CUSIP
Tender Date
October 1, 2028* October 1, 2030* $23,000,000* _.__% ___% ________
The Bonds are offered, subject to prior sale, when, as and if issued by the Issuer and accepted by the Underwriter, subject to, among other things, the approving
opinion of Williams Mullen, Richmond, Virginia (“Bond Counsel”). Certain legal matters will be passed upon for the Underwriter by Robinson & Cole LLP,
Washington, D.C., for the Issuer by its counsel, Kaufman & Canoles, P.C., Newport News, Virginia, and for the Borrower by its counsel, Winthrop & Weinstine,
P.A., Minneapolis, Minnesota. It is expected that the Bonds will be available for delivery in definitive form on or about July __, 2026 through the services of DTC
against payment therefor.
The date of this Official Statement is ________ __, 2026.
* Preliminary; subject to change.Jump to an indexed page (744 of 744)