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 ...
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