Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
HRHA approves $1 million predevelopment equity from Enterprise, advances Bluestone Town Center and linked senior housing projects
Summary
The Harrisonburg Redevelopment and Housing Authority voted to accept a predevelopment equity allocation from Enterprise to support Bluestone Town Center and related senior housing financing; board discussed subdivision, construction financing and timing for site work.
The Harrisonburg Redevelopment and Housing Authority on May 21 approved a resolution authorizing acceptance of an equity investment from Enterprise to support the Bluestone Town Center multifamily project and an associated senior housing development.
The move, described in a presentation during the executive director’s report, accepts a $1,000,000 allocation from Enterprise for predevelopment financing and positions Enterprise as the syndicator for both projects. Michael, executive director, said the arrangement will help build the financial stack for projects that together approach $18 million in credits and financing, and that the $1,000,000 would be repaid from developer fees at closing.
Why it matters: the equity commitment helps close gaps in predevelopment financing and aligns the two developments under a common syndicator, which staff said simplifies coordination for tax credit and other layered…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
