Title
Resolution Approving the Issuance by the Hampton Redevelopment and Housing Authority of Its Up to $12,000,000 Multifamily Housing Revenue Bonds (The Retreat At Trilogy) 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, construction, and equipping of multifamily residential rental housing. Trilogy Developers, LLC, a Virginia limited liability company ("Trilogy"), applied to HRHA for the issuance of up to $12,000,000 in tax-exempt multifamily housing revenue bonds to assist in financing or refinancing a portion of the costs of acquiring, constructing, and equipping a multifamily residential rental housing project to be known as The Retreat at Trilogy, consisting of 96 affordable apartments for seniors, to be located on an approximately 3-acre portion of land designated at LRSN 200040, adjacent to Michigan Drive, in the City of Hampton (the "Project").
The Project has been reviewed by City staff and determined to be consistent with the City's Consolidated Plan because it supports the development of affordable senior housing, 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 City Council approval of the issuance of such bonds following a public hearing conducted by HRHA.
HRHA is scheduled to conduct the required public hearing at its meeting on September 23, 2026, at 8:30 am, after which it will consider a resolution authorizing the i...
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