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RESOLUTION OF THE BOARD OF DIRECTORS OF THE ORCUTT TOWNHOMES
PHASE Ill DEVELOPMENT CORPORATION APPROVING ADMITTANCE OF THE
ORCUTT TH 30 LLC AS SUCCESSOR LIMITED PARTNER
WHEREAS, the Orcutt Townhomes housing community was developed utilizing
low-income housing tax credits (LIHTC) and placed in service in 2011 in accordance with
applicable regulations; and
WHEREAS, the fifteen (15) year LIHTC compliance period has passed and the
investor and special limited partner in the Orcutt Townhomes Ill L.P. have indicated a
desire to withdraw from the partnership; and
WHEREAS, to continue the aforementioned entity, the withdrawing limited and
special limited partners must be replaced by a successor limited partnership; and
WHEREAS, creation of Orcutt TH 30 L.L.C. has been approved by the NNRHA
Board of Commissioners and a related request to the City Council of Newport News, VA,
that it also approves the creation of this entity is forthcoming.
NOW THEREFORE BE IT RESOLVED:
(1) That pending approval by the City Council of Newport News, VA. of the creation of
Oreutt TH 30 L.L.C., and the actual creation of the entity subsequent thereto, and
the admittance of the Orcutt TH 30 L.L.C. as a limited partner in the Orcutt
Townhomes Phase I!] L.P. is hereby approved.
(2) That the President of the Corporation is authorized to take such other actions
required for the modification of the partnership and state registration of the Orcutt
TH 30 L.L.C.
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