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400 <br /> <br />March~28~'i989 <br /> <br /> Ail-those certain p~'rcels of land, <br />situate, lying and being in the City of <br />Suffolk, Virginiat described as parcels 003, <br />008, 015 and 025.as shown on the Virginia <br />Department of TransportatiOn plans3entitled <br />"State Highway Project 06D4-061-213, M~501", <br />recorded in the Clerk's Office of the Circuit <br />Court of Suffolk, Virginia. <br /> <br />Ayes: Barnes, Corprew, Gray, Hawks, Lucas, Simpson, Webb <br />Nays: None <br /> <br /> Mr. Barnes requested that the City Manager contact the <br />Department of Highways concerning the run-off problem. <br /> <br /> 89-125 Letter from the City Manager recommending <br />adoption of a resolution disapproving financing by the Virginia <br />Housing Development Authority for a proposed Multi-Family <br />residential housing development called "Biltmore Commons" to be <br />situated on Elliott Avenue approximately one thousand feet west <br />of Frederick Boulevard. <br /> <br /> "Mayor Gloria O. Webb has received from the Virginia <br />Housing Development Authority notification that a project <br />within the City is being considered by VHDA for financing <br />(Biltmore Commons). While VHDA indicates that the multi-family <br />complex is not "subsidized," the guidelines place certain <br />conditions on the property owner to reserve units flor low and <br />moderate income persons. According to a report prepared by the <br />Portsmouth Redevelopment and Housing Authority, VHDA financing <br />requires that the developer select one of three "setaside <br />formulas" for the income mix o~ the projects. <br /> <br />Formula <br /> <br />A - Twenty percent of the units must be <br /> occupied by individuals with incomes <br /> of 50% or less of the area median as <br /> adjusted for family size. <br /> <br />Formula <br /> <br />B - Forty percent of the units, must be <br /> occupied by individuals with incomes <br /> of 60% or less of the area median as <br /> adjusted for family size. <br /> <br />Formula <br /> <br />C - Twenty percent of the units must be <br /> occupied by individuals with incomes <br /> of 80% or less of the area median as <br /> adjusted for family size. <br /> <br /> According to PRHA staff, who have had several lengthy dis- <br />cussions with VHDA officials, Formula A and B would come into <br />effect if a developer took advantage of "tax credits." If the <br />tax credits are not utilized Formula C would be required of the <br />developer. A summary of the most recent median incomes as <br />provided by HUD for the Tidewater area is attached. <br /> <br /> <br />