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RESOLUTION OF THE NEWPORT NEWS REDEVELOPMENT AND HOUSING
AUTHORITY EVIDENCING THE INTENT TO ISSUE MULTIFAMILY
AFFORDABLE RESIDENTIAL HOUSING FACILITY REVENUE BONDS IN AN
AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $93,000,000 FOR THE
BENEFIT OF STUART GARDENS HOUSING PARTNERS, LP AND STUART
GARDENS II HOUSING PARTNERS, LP
WHEREAS, the Newport News Redevelopment and Housing Authority, a political
subdivision of the Commonwealth of Virginia (the “Authority”), is empowered by the Virginia
Housing Authorities Law in 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, the Authority has received a request from Stuart Gardens Housing Partners,
LP and Stuart Gardens II Housing Partners LP, both Virginia limited partnerships, along with their
affiliates (collectively, the “Borrower”), to issue multifamily affordable residential housing
facility revenue bonds in an aggregate principal amount not to exceed $93,000,000, consisting of
$45,000,000 for one of the two parcels (“Phase I”) upon which the Stuart Gardens Apartments
are located, and $48,000,000 for the second parcel where the rest of the housing facilities are
situated (“Phase II”) (collectively, the “Bonds”). The Bonds shall be issued in one or more series,
at one time or from time to time, to finance or refinance a portion of the cost of acquiring,
renovating, rehabilitating, improving and equipping an existing residential affordable rental unit
housing project consisting of an aggregate total of 491 units, with Phase I consisting of 252 units,
comprised of 59 1-2 story apartment buildings located on a 21.15-acre lot, and Phase II consisting
of 239 units, comprised of 50 1-2 story apartment buildings located on a 18.98-acre lot, both of
which share certain common area improvements, together with the payment of costs of issuance
with respect to the Bonds and capitalized interest, reserve funds and any other expenditures related
to the financing (collectively, the “Project”); and
WHEREAS, preliminary plans for the establishment of a credit facility to finance the
Project consist of the issuance of the Bonds and the award of state and federal low income housing
tax credits from the Commonwealth of Virginia and pursuant to Section 42 of the Internal Revenue
Code (“LIHTC”) to the Borrower, together with equity contributions made by the Borrower and
other sources of funds, as necessary, have been described in general terms to the Authority (the
“Plan of Financing”); and
WHEREAS, the Borrower has represented that the Project will be financed through the
issuance of one or more series of Bonds, at one time or from time to time; and
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