HRHA Approves $14M Loan for Bluestone Town Center Senior Housing Project

The Harrisonburg Redevelopment and Housing Authority (HRHA) convened on August 20, 2025, to discuss significant financial resolutions aimed at advancing local housing projects. The meeting focused on two primary agenda items: a loan transaction for the Bluestone Town Center and an erosion and settlement bond for infrastructure financing.

The first item addressed was a resolution for HRHA to enter into a loan transaction with Atlanta Union Bank, amounting to $14 million. This funding is designated for a senior housing project within the Bluestone Town Center. The board members expressed their satisfaction with collaborating with local banks that contribute to the community. Following a brief discussion, the resolution was put to a vote, receiving unanimous approval from the members present.

The second resolution discussed involved an erosion and settlement bond, which is anticipated to cost approximately $4 million, along with an additional $60,000 in expenses. This bond will authorize HRHA to manage land disturbance and construction for the first phase of the project, which includes 100 townhomes, 35 to 38 single-family homes, and 63 multifamily senior housing units. The board acknowledged the high costs associated with the project, attributing them to the extensive acreage involved.

Overall, the meeting underscored HRHA's commitment to enhancing housing options in Harrisonburg through strategic financial planning and local partnerships. The board's decisions are expected to facilitate progress on these vital community projects.