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A RESOLUTION DISAPPROVING FINANCING BY THE VIRGINIA HOUSING <br />DEVELOPMENT AUTHORITY FOR A PROPOSED MULTI-FAMILY RESIDENTIAL <br />HOUSING DEVELOPMENT CALLED "BILTMORE COMMONS" TO BE SITUATED <br />ON ELLIOTT AVENUE APPROXIMATELY ONE THOUSAND FEET WEST OF <br />FREDERICK BOULEVARD. <br /> <br /> WHEREAS, The Virginia Housing Develooment Authority <br />("VHDA") in accordance with S36-55.39 (B) of the Code of <br />Virginia, 1950, as amended, has notified the City of <br />Portsmouth that it is considering the financing of a <br />multi-family residential housing develooment consisting of <br />approximately eighty-nine (89) units of non-subsidized housing <br />to be financed under the Virginia Housing Development <br />Authority's Conventional Multi-Family Loan Program, to be <br />situated on approximately 5.89 acres, one thousand (1000) feet <br />west of Frederick Boulevard on Elliott Avenue in the City of <br />Portsmouth, such development having been designated as <br />"Biltmore Commons"; and <br /> <br /> WHEREAS, Section 36-55.39 (B) provides that VHDA shall, <br />prior to the approval of financing of new construction of any <br />proposed multi-family residential housing development, find <br />that the governing body of the localiny in which such housing <br />development is to be located has not, within sixty (60) days <br />after written notification of the proposed financing, <br />certified to VHDA in writing its disapproval of the proposed <br />multi-family residential housing development; and <br /> <br /> WHEREAS, the Council of the City of Portsmouth has <br />considered the development proposal. <br /> <br /> NOW, THEREFORE, BE IT RESOLVED that the Council of the <br />City of Portsmouth in accordance with Virginia Code Section <br />36-55.39 (H) expresses to the Virginia Housing Development <br />Authority its disapproval of the proposed multi-family <br />residential housing development called "Biltmore Commons" as <br />described above. <br /> <br /> BE IT FURTHER RESOLVED that the Mayor is authorized to <br />issue a Certification of Disapproval on behalf of the City <br />Council to the Virginia Housing Development Authority. <br /> <br /> Adopted by the Council of the City of Portsmouth, <br />Virginia, at a meeting held April 11, 1989. <br /> <br />Teste: <br /> <br />City Clerk <br /> <br /> <br />