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Minutes of a Meeting of the
Newport News Redevelopment and Housing Authority
New Business
The Board of
Commissioners of
the Newport News
Redevelopment and
Housing Authority .
Authorizing the
Issuance of its
Multifamily Housing
Revenue Bonds
{Stuart Gardens |
Apartments) Series
20626 and the
Execution and
Delivery of Related
Documents
The Board of
Commissioners of
the Newport News
Redevelopment and
Housing Authority
Authorizing the
Issuance of its
Multifamily Housing
Revenue Bonds
(Stuart Gardens Il
Apartments) Series
2026 and the
Execution and
Delivery of Related
Documents
The Board of
Commissioners of the
Newport News
Redevelopment and
Housing Authority
Authorizing Charge Off
of Tenants’ Accounts
Receivables
Report to the
Board
June 16, 2026
The Board was provided copies of a resolution authorizing the issuance of multifamily
housing revenue bonds not to exceed $45,000,000 for Phase | of the Stewart
Gardens project. This project includes approximately 250 affordable housing units on
21.5 acres located at 1358 Garden Drive in Newport News. On December 9, 2025,
the City Council provided the required public approval of the bond issuance and
financing plan. Funding for the project will be obtained through a combination of bond
proceeds and other financing sources, including federal programs and tax credits.
Bond counsel, Doug Sbertoli provided an overview of the process, confirming that the
documeniation was in substantially final form and all costs associated with the bond
issuance will be the responsibility of the borrower, and neither the Authority nor its
Board will incur any financial liability.
Adoption of the resolution was recommended.
Commissioner Black made a motion to approve the resolution. Commissioner Knight
seconded the motion which passed with a unanimous vote. The resolution is attached
to and made a part of these minutes.
The Board was provided copies of a resolution authorizing the issuance of multifamily
housing revenue bonds not to exceed $48,000,000 for Phase II of the Stewart
Gardens project. This project includes approximately 239 affordable housing units on
18.98 acres located at 1326C Garden Drive in Newport News. On December 9, 2025,
the City Council provided the required public approval of the bond issuance and
financing plan. Funding for the project will be obtained through a combination of bond
proceeds and other financing sources, including federal programs and tax credits.
Bond counsel, Doug Sbertoli provided an overview of the process, confirming that the
documentation was in substantially final form and all costs associated with the bond
issuance will be the responsibility of the borrower, and neither the Authority nor its
Board will incur any financial liability.
Adoption of the resolution was recommended.
Commissioner Bell made a motion to approve the resolution. Commissioner Knight
seconded the motion which passed with a unanimous vote. The resolution is attached
to and made a part of these minutes.
The Board was provided copies of a resolution authorizing the charge-off of tenant
accounts receivable. A total of 23 accounts, amounting to $33,856.28 for the period
from October 1, 2025, through April 30, 2026, were recommended for charge-off. Ms.
Shaw reported that recovery efforts over the past year exceeded $32,000 and that
overall losses represented a relatively small percentage of anticipated rent.
Commissioners discussed trends and suggested standardizing reporting periods to
allow clearer comparisons.
Ms. Shaw recommended approval of the resolution.
Commissioner Black made a motion to approve the resolution. Commissioner Bell
seconded the motion which passed with a unanimous vote. The resolution is attached
to and made a part of these minutes.
Ms. Shaw reported the NNRHA Controlled Multi-Family Properties Waitlist data as
follows: There are 3345 Public Housing applications, 11 of which are approved
leaving 2334 pending applications. The Housing Choice Voucher program has 3939
applications, of which 56 were approved with 3883 pending. During the month of May,
the Public Housing program housed 10 new applicants. The Housing Choice Voucher
Program housed 22 new applicants and MOD-Rehab (SRO) housed 2 new applicants
for a total of 34 new applicants housed. The Public Housing program is currently
occupied at 96% and the Housing Choice Voucher program is currently at 86%. The
MOD Rehab Program, which includes Warwick SRO, is 98% occupied. All of the
apartment affordable housing communities are occupied at 86% on average.Jump to an indexed page (62 of 62)