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R -21 -36 A RESOLUTION APPROVING THE ISSUANCE BY THE PORTSMOUTH REDEVELOPMENT AND HOUSING AUTHORITY OF MULTIFAMILY HOUSING REVENUE BONDS FOR THE RENOVATION AND REHABILITATION OF THE MOUNT HERMON VILLAGE APARTMENTS LOCATED IN THE CITY OF PORTSMOUTH, VIRGINIA. WHEREAS, the Portsmouth Redevelopment and Housing Authority (the "Authority ") has considered the request of MHV Preservation Partners LP, a Virginia limited partnership (the "Borrower ") that the Authority issue up to $10,000,000 in original aggregate principal amount of its multifamily housing revenue bonds (the "Bonds ") and loan the proceeds of the Bonds to the Borrower to finance or refinance all or a portion of (a) the cost of acquiring, constructing, renovating, rehabilitating and equipping a multifamily residential rental housing project for seniors consisting of 23 one -story residential buildings containing approximately 90 units representing approximately 60,490 rentable square feet and one (1) community building known as Mt. Hermon Village Apartments (the "Project ") located at 2400 Cutherell Street in the City of Portsmouth, Virginia (the "City "), and expected to be owned and used by the Borrower or a party related to the Borrower and (b) the costs incurred in connection with the issuance of the Bonds (collectively, the "Plan of Finance "); WHEREAS, the Project shall be established and maintained as a "qualified residential rental project" within the meaning of Section 142(d) of the Internal Revenue Code of 1986, as amended (the "Code "); WHEREAS, the Authority is empowered, pursuant to Virginia Housing Authorities Law, Chapter 1, Title 36 of the Code of Virginia of 1950, as amended (the "Act "), to issue its bonds for the purpose, among others, of financing the acquisition, construction, renovation, rehabilitation and equipping of multifamily residential rental apartment projects such as the Project, located within the City; WHEREAS, Section 147(f) of the Code, provides that the applicable elected representatives of the governmental unit having jurisdiction over the issuer of private activity bonds must approve the issuance of the bonds; WHEREAS, the Authority, as the issuing governmental unit with respect to the Bonds, has no applicable elected representative, the City constitutes the next highest governmental unit with such a representative, and the members of the City Council of the City (the "Council ") constitute the applicable elected representatives of the City; WHEREAS, at the request of the Borrower, the Authority (a) adopted a resolution on November 19, 2020 (the "Inducement Resolution "), providing preliminary approval of the issuance of the Bonds and (b) held a public hearing on November 19, 2020, in accordance with the Act and Section 15.2 -4906 of the Code of Virginia of 1950, as amended (the "Virginia Code "), as applicable to housing authorities, and as required by Section 147(f) of the Code;