Title
Resolution Approving the Issuance by the Hampton Redevelopment and Housing Authority of its Up to $22,000,000 Multifamily Housing Revenue Bonds (Century Plaza Apartments) Series 2026
Purpose
PURPOSE/BACKGROUND:
The Hampton Redevelopment and Housing Authority (“HRHA”), pursuant to its authority under the Code of Virginia, is authorized to issue bonds and other obligations for its corporate purposes, including assisting private entities with the acquisition, rehabilitation, and preservation of multifamily residential housing. TTG Century Plaza Limited Partnership, a Virginia limited partnership (the “Developer”), applied to HRHA for the issuance of up to $22,000,000 in tax-exempt multifamily housing revenue bonds to assist the Developer in financing or refinancing a portion of the costs of acquiring, rehabilitating, and equipping a multifamily residential rental housing project known as Century Plaza Apartments, consisting of one hundred twenty (120) existing rent-subsidized, income-restricted housing units in twelve (12) residential buildings (the “Project”) located at 135 Lassiter Drive in the City of Hampton, Virginia.
The Project has been reviewed by City staff and determined to be consistent with the City’s Consolidated Plan because it supports the preservation of existing affordable housing through rehabilitation, a priority housing goal identified in the Consolidated Plan.
Section 147(f) of the Internal Revenue Code of 1986, as amended, requires a public hearing and approval by the applicable local elected governing body before tax-exempt private activity bonds may be issued. Because the Project is located within the City of Hampton, City Council approval is required. In addition, Section 15.2-4906 of the Code of Virginia, as amended, requires approval by the City Council of the issuance of such bonds following a public hearing conducted by HRHA.
HRHA held the required public hearing on July 22, 2026, and adopted a resolution authorizing the issuance of up to $22,000,000 of its multifamily housing revenue bonds, subject to City Council approval. The bonds will not constitute a debt or pledge of the faith and credit of the City of Hampton, HRHA, or the Commonwealth of Virginia.
HRHA has recommended that the City Council approve the issuance of the bonds.
Discussion:
See Purpose/Background above.
Impact:
Rehabilitation and preservation of 120 existing rent-subsidized, income-restricted housing units in the City of Hampton.
Recommendation:
Rec
Approval of the Resolution.
Body
WHEREAS, the Hampton 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 TTG Century Plaza Limited Partnership (the "Borrower" or the “Applicant”) requesting that the Authority issue up to $22,000,000 of its revenue bonds (the “Bonds”) to assist the Borrower in financing or refinancing a portion of the costs of acquiring, rehabilitating and equipping a multifamily residential rental housing project currently known as Century Plaza Apartments, to consist of 120 affordable apartments, to be located on approximately 7 acres of land at 135 Lassiter Drive in the City of Hampton, Virginia (the “Project”). The Project will meet the requirements of a qualified residential rental project within the meaning of Section 142(d) of the Internal Revenue Code of 1986, as amended (the “Code”). The Project will be owned by the Applicant or an entity affiliated with and controlled by or under common ownership with the Applicant; and
WHEREAS, Section 147(f) of the Internal Revenue Code of 1986, as amended, 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 Hampton and the facilities related to the Project to be financed or refinanced with the Bonds are located in the City of Hampton; and
WHEREAS, the Authority, as the issuing governmental unit with respect to the Bonds, has no applicable elected representative, the City of Hampton constitutes the next highest governmental unit with such a representative, and the members of the Hampton City Council (the “Council”) constitute the applicable elected representatives of the City of Hampton; and
WHEREAS, the Authority has recommended that the Council approve the issuance of the Bonds;
WHEREAS, it has been determined that the Project is consistent with the City’s Consolidated Plan because it advances the preservation of existing affordable housing through rehabilitation, which is a priority housing goal within the Consolidated Plan; and
WHEREAS, a copy of the Authority’s resolution authorizing the issuance of the Bonds and a certificate of the public hearing (including a summary of statements expressed at the hearing) have been filed with the Council.
NOW, THEREFORE, BE IT RESOLVED BY THE HAMPTON CITY COUNCIL:
1. The Council approves the issuance of the Bonds by the Authority for the benefit of the Borrower, solely for the purposes required by Section 147(f) of the Internal Revenue Code and Section 15.2-4906 of the Code of Virginia, as amended, as applicable to Virginia Housing Authorities, to permit the Authority to assist in the financing of the Project.
2. The approval of the issuance of the Bonds does not constitute an endorsement to a prospective purchaser of the Bonds or the creditworthiness of the Project or the Borrower.
3. The Bonds shall provide that neither the City of Hampton 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 of Hampton 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 of Hampton, including its elected members of city council, 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. No Bonds will be issued by the Authority until such time as (i) all bond documents, financing documents, and related documents and proceedings have been reviewed and approved by counsel for the Authority, (ii) bond counsel has approved the Bonds and the related financing structure, and (iii) all legal requirements applicable to the issuance of the Bonds have been satisfied.
6. This resolution shall take effect immediately upon its adoption.