File #: RES 21-008    Version: 1 Name: HRHA Bellwood Crossing Revenue Bonds Resolution
Type: Resolution Status: Passed
File created: 3/1/2021 In control: City Council
On agenda: 3/9/2021 Final action: 3/9/2021
Title: Consider adopting a resolution approving the issuance by the Harrisonburg Redevelopment and Housing Authority of its multifamily residential rental affordable housing facility revenue bonds for the acquisition, construction, and equipping of the approximately 102 unit Bellwood Crossing multifamily housing facility located in Chesterfield County, Virginia
Attachments: 1. Memorandum, 2. Resolution, 3. Inducement Resolution, 4. Fiscal Impact Statement, 5. Certificate of Public Hearing, 6. Notice of Public Hearing, 7. Executed resolution

Subject:

Title

Consider adopting a resolution approving the issuance by the Harrisonburg Redevelopment and Housing Authority of its multifamily residential rental affordable housing facility revenue bonds for the acquisition, construction, and equipping of the approximately 102 unit Bellwood Crossing multifamily housing facility located in Chesterfield County, 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 Chesterfield County, 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 resolution or in the issuance of the bonds.