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To permit and approve the issuance by the Harrisonburg Redevelopment and Housing Authority of its multifamily housing revenue bonds in an amount up to $15,000,000.00 for the acquisition, construction, renovation, rehabilitation and equipping of an approximately 66-unit multifamily residential rental housing project to be known as the Brookland Park Apartments located at 1218, 1224, 1226, and 1228 East Brookland Park Boulevard in the city of Richmond. (6th District)
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WHEREAS, the City Council of the City of Richmond, Virginia (the "Council") is the governing body of the city of Richmond, Virginia (the "City"); and
WHEREAS, Brookland Park Apartments (the "Apartments"), is an approximately 66-unit multifamily apartment project to be constructed and located in the City at 1218, 1224, 1226, and 1228 Ease Brookland Park Boulevard, Richmond, Virginia 23222, which qualifies 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, Nehemiah Ventures, LLC, a Virginia limited liability company, the proposed purchaser of the Apartments (the "Purchaser"), has a contract pursuant to which it will acquire, construct and equip the Apartments; and
WHEREAS, the Purchaser will invest approximately $243,014.00 per unit on labor and materials to construct the Apartments, which will include approximately 72,244 square feet of space, including a community room for resident programs, an exercise room and flexible community space, which investment will improve the safety and living conditions for citizens of the City who become residents of the Apartments; and
WHEREAS, in accordance with federal tax law that fosters private investments in affordable housing, the Purchaser wishes to access private funds from the capital markets through the sale of tax-exempt bonds in an aggregate amount not to exceed $15,000,000.00 (the "Bonds") to finance a portion of th...
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