File #: RES 23-001    Version: 1 Name: HRHA resolutions
Type: Resolution Status: Passed
File created: 1/18/2023 In control: City Council
On agenda: 1/24/2023 Final action: 1/24/2023
Title: Consider adopting two resolutions approving issuance by Harrisonburg Redevelopment and Housing Authority of Revenue Bonds for the acquisition, construction, renovation, rehabilitation, and equipping of (1) 78 Unit John Early Apartments Multifamily Housing Facility in the Town of Bedford, Virginia and (2) 150 Unit Wesley Apartments Multifamily Housing Facility in the City of Lynchburg, Virginia.
Attachments: 1. Memorandum, 2. Resolution (Early), 3. Resolution (Wesley), 4. VUMHDC - TEFRA Package (HRHA) (Early) (Executed), 5. VUMHDC - TEFRA Package (HRHA) (Wesley) (Executed), 6. Executed Resolution, 7. Executed Resolution

Subject:

Title

Consider adopting two resolutions approving issuance by Harrisonburg Redevelopment and Housing Authority of Revenue Bonds for the acquisition, construction, renovation, rehabilitation, and equipping of (1) 78 Unit John Early Apartments Multifamily Housing Facility in the Town of Bedford, Virginia and (2) 150 Unit Wesley Apartments Multifamily Housing Facility in the City of Lynchburg, Virginia.

 

Body

Presented By:  Chris Brown, City Attorney

Recommendation and Review

HRHA routinely acts as the issuer of private activity bonds to finance housing projects around Virginia.  Fees generated by such bond issuances are used by HRHA to finance some of its work in Harrisonburg. HRHA is acting as the issuer of such bonds for a project in the Town of Bedford, Virginia and a project in the City of Lynchburg, Virginia.    Under Virginia law, City Council must approve HRHA’s issuance of the bonds.  There is no liability assumed by the City in approving the attached resolutions or in the issuance of the bonds.