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ORCUTT TOWNHOMES PHASE IIl DEVELOPMENT CORPORATION
MEMORANDUM
DATE: January 20, 2026
TO: Board of Directors — Orcutt Townhomes Phase II! Development
Corporation
FROM: Lysandra M. Shaw, President WG
SUBJECT: Resolution Authorizing Admittance of Successor Limited Partner for
Withdrawing Investor Limited Partner and Special Limited Partner in the
Orcutt Townhomes Phase III L.P. Partnership
Attached for your information is a memorandum to the NNRHA Board of Commissioners
and resolution (proposed for approval by the Board) summarizing the necessity of and
approving the creation of a successor limited partner for the investor partner and special
limited partner in the Orcutt Townhomes Ill L.P. partnership, owner of the Orcutt
Townhomes project. This complex was developed utilizing tax credits (LIHTC) and capital
funds (mixed finance) and placed in services in 2011.
As noted, the action described herein and, in the attachments, this is related to a request
from the existing limited partner to withdraw from the partnership now that the fifteen (15)
year LIHTC compliance period has passed. To continue the partnership and the operation
of the Orcutt Townhomes property, the withdrawing entities must be replaced by a
successor limited partner.
In this regard, the NNRHA Board of Commissioners, as required by Title 36 of the Code
of Virginia, has approved the creation of Orcutt TH 30 L.L.C. and will request that the
Newport News City Council likewise consider this proposed action.
Accordingly, the attached resolution presented for your consideration approves the
admittance of the Orcutt TH 30 L.L.C. into the Orcutt Townhomes Ill L.P. partnership,
subject to the final local approval regarding the creation of this entity by the Newport News
City Council.
Approval is recommended.Jump to an indexed page (75 of 75)