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NEWPORT NEWS REDEVELOPMENT & HOUSING AUTHORITY
MEMORANDUM
DATE: January 20, 2026
TO: Board of Commissioners
FROM: Lysandra M. Shaw
Executive Director
SUBJECT: Authorization to form Orcutt TH 30, LLC as successor limited partner
in the Orcutt Townhomes III, L.P.
The 30-unit Orcutt Townhomes III property located at 32™ Street and Orcutt Avenue in
the Southeast area of the City was placed in service in 2011 in accordance with tax credit
regulations. Low Income Housing Tax Credits (LIHTC) were obtained by NNRHA to
undertake this mixed finance development.
The required fifteen (15) year LIHTC compliance period has been fulfilled and the existing
investor (limited) partner and special limited partner in the Orcutt Townhomes III, L.P.
(owner of the property) have requested to voluntarily withdraw from the partnership.
The investor partner, Housing Equity Fund of Virginia XIV L.L.C. and the special limited
partner, Virginia Affordable Housing Management Corporation, have met their obligations
in accordance with the partnership agreement.
In order to continue the operation of the Orcutt Townhomes property, the withdrawing
entities must be replaced with a successor limited partner. Thus, in accordance with Title
36 of the Code of Virginia, which governs actions of PHAs in the State, this proposed
resolution requests that the Board of Commissioners consider the formation of the Orcutt
TH 30 L.L.C., and their recommendation that the City Council likewise approve this
proposed action. This entity will be wholly owned by NNRHA.
The general (managing) partner of the Partnership will continue to be the Orcutt
Townhomes Phase III Development Corporation, which is governed by a board of
directors comprised of the members of the NNRHA Board of Commissioners. The
NNRHA Executive Director will continue to serve as President of the corporation, similar
to previous tax credit developments in the community. A concurrent meeting of the
corporation will be held on January 20, 2026 to consider the entry of the Orcutt TH 30
L.L.C. into the partnership subject to Board and City Council approval of this entity.Jump to an indexed page (75 of 75)