Housing authority authorizes negotiations with Enterprise, approves property purchases and LOI talks with Ryan Homes

The Harrisonburg Housing Authority voted to authorize staff to negotiate with Enterprise Community Partners on syndication for a planned multifamily and senior housing project and approved motions to pursue property purchases and a purchase-and-sale agreement tied to financing.

Board members approved a motion authorizing staff to pursue Enterprise’s syndication proposal for two developments — an 83-unit multifamily project (a 4% tax-credit deal) and a 63-unit senior project (a 9% deal) — and to negotiate final documents and a letter of interest. Authority staff reported initial credit pricing at about $0.77 per dollar for the 4% deal and $0.85 for the senior deal, and said the projects would be advanced concurrently where possible to lower mobilization and contractor costs. Staff also described a financing plan that includes an infrastructure loan from United…