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To approve the issuance by the Richmond Redevelopment and Housing Authority of its multifamily housing revenue bonds in an amount up to $20,000,000 for the acquisition, construction, and equipping of the approximately 126-unit multifamily residential rental housing project located at 815 North 35th Street and 823 North 36th Street in the City of Richmond. (7th District)
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WHEREAS, the Richmond Redevelopment and Housing Authority (the "Authority") is authorized to advertise and hold public hearings relative to the issuance of private activity bonds; and
WHEREAS, the Authority has considered the application of Bacon Senior 126 LLC (the "Borrower") requesting that the Authority issue its revenue bonds (the "Bonds") in a maximum stated principal amount of $20,000,000 to finance or refinance a portion of (a) the costs of acquiring, constructing, renovating and equipping a multifamily residential rental housing project consisting of approximately 126 affordable units (the "Project"), (b) the funding of reserve funds as permitted by applicable law and (c) the costs incurred in connection with the issuance of the Bonds (collectively, the "Plan of Finance") and has held a public hearing in connection therewith (the "Public Hearing"); and
WHEREAS, the Project shall be established and maintained as a "qualified residential rental project" within the meaning of Section 142(d) of the Internal Revenue Code of 1986, as amended (the "Code"); and
WHEREAS, Section 147(f) of the Code provides that the applicable elected representatives of the governmental unit having jurisdiction over the issuer of private activity bonds and over the area in which any facility financed with the proceeds of private activity bonds is located must approve the issuance of such bonds; and
WHEREAS, the Authority issues its bonds on behalf of the City of Richmond, Virginia (the "City") and the Project is located in the City; and
WHEREAS, the Authority, as the issuing governmental unit with respect to the Bonds, has no applicable elected representative, the City constitutes the next highest governmental unit with such a representative, and the members of the City Council of the City (the "Council") constitute the applicable elected representatives of the City; and
WHEREAS, the Authority has recommended that the Council approve the issuance of the Bonds; and
WHEREAS, a copy of the Authority's resolution approving the issuance of the Bonds, a certificate of the Public Hearing and a summary of the statements expressed at the Public Hearing have been filed with the Council;
NOW, THEREFORE,
BE IT RESOLVED BY THE COUNCIL OF THE CITY OF RICHMOND:
1. The Council approves the issuances of the Bonds by the Authority, in one or more series at one time or from time to time, in an aggregate maximum stated principal amount of $20,000,000 for the benefit of the Borrower or a party related to the Borrower, as required by Section 147(f) of the Code, Section 15.2-4906, as applicable to housing authorities, of the Code of Virginia of 1950, as amended (the "Virginia Code"), and Section 36-19(9) of the Virginia Code to permit the Authority to assist in the financing of the Plan of Finance.
2. The approval of the issuance of the Bonds does not constitute an endorsement to a prospective purchaser of the Bonds of the creditworthiness of the Plan of Finance or the Borrower.
3. The Bonds shall provide that neither the City nor the Authority shall be obligated to pay the Bonds or the interest thereon or other costs incident thereto except from the revenues and monies pledged thereto and that neither the faith and credit nor the taxing power of the City or the Authority is pledged to the payment of the principal of the Bonds or the interest thereon or other costs incident thereto.
4. In adopting this resolution, the City, including its elected representatives, officers, employees, and agents, shall not be liable for, and hereby disclaim all liability for, any damages to any person, direct or consequential, resulting from the Authority's failure to issue the Bonds for any reason.
5. This resolution shall take effect immediately upon its adoption.
O&R REQUEST
DATE: July 9, 2026 EDITION:|910|
TO: The Honorable Members of City Council
THROUGH: The Honorable Dr. Danny Avula, Mayor
THROUGH: Odie Donald, Chief Administrative Officer
THROUGH: Sharon Ebert, Deputy Chief Administrative Officer, Planning & Economic Development Portfolio
FROM: Merrick Malone, Director, Housing and Community Development
RE: Expedited Consideration of Resolution to Approve RRHA Revenue Bonds for Bacon Senior, located at 815 N 35th St and 823 N 36th St
ORD. OR RES. No.
PURPOSE: To express the Mayor and City Council's approval of the issuance of bonds in an amount of up to $20,000,000 to finance or refinance a portion of (a) the costs of acquiring, constructing, renovating and equipping a multifamily residential rental housing project consisting of approximately 126 affordable units; (b) the funding of reserve funds as permitted by applicable law and (c); the costs incurred in connection with the issuance of the Bonds.
BACKGROUND: On June 17, 2026, Richmond Redevelopment and Housing Authority (RRHA) Commissioners approved a resolution endorsing the issuance of bonds to finance or refinance the acquisition, construction, renovation and equipping of Bacon Senior 126 LLC, located at 815 N. 35th St (renovation) and 823 N. 36th St (new construction). RRHA reports that, "The development represents a high impact mission-driven initiative aimed at supporting a highly vulnerable tenant population. It will deliver a comprehensive renovation of the existing building with 56 units (55 one bedroom and 1 two-bedroom unit) to modernize building systems, improve unit interiors and common areas and enhance overall property quality. The project will also add 70 new one- bedroom affordable units specifically designed to meet the needs of the senior population." Please see Attachments A - B for additional reporting by RRHA.
Expedited consideration of this resolution is requested by RRHA. Please see Attachment A for additional information regarding RRHA's request for expedited consideration.
COMMUNITY ENGAGEMENT: RRHA reports that it held a public hearing on the bond issuance on June 2, 2026.
STRATEGIC INITATIVES ALIGNMENT: This will help meet the housing needs of a growing city, so that Richmonders across different income levels can access affordable housing in safe neighborhoods with strong public amenities (Mayoral Action Plan: Thriving Neighborhoods, Goal A).
FISCAL IMPACT: N/A
DESIRED EFFECTIVE DATE: Upon adoption
REQUESTED INTRODUCTION DATE: July 27, 2026
CITY COUNCIL PUBLIC HEARING DATE: July 27, 2026
REQUESTED AGENDA: Consent
RECOMMENDED COUNCIL COMMITTEE: N/A
AFFECTED AGENCIES: Richmond Redevelopment and Housing Authority
RELATIONSHIP TO EXISTING ORD. OR RES.: This resolution supports the creation of new affordable housing units, a key strategy to address the City's housing crisis. Res. 2023-R019.
ATTACHMENTS:
* Attachment A: "Proposed Multifamily Housing Revenue Bond Project - Bacon Senior Project," Richmond Redevelopment and Housing Authority (June 26, 2026)
* Attachment B: "Adopted RRHA Resolution - Bacon Senior Project," Richmond Redevelopment and Housing Authority (June 17, 2026)
STAFF: Merrick Malone, Director, HCD
Michelle B. Peters, Deputy Director, HCD
Megan Field, Senior Policy Advisor, HCD
O&R Request
July 9, 2026
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