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Council approves housing authority conduit for redevelopment of 1300 Campbell Ave
Summary
The council authorized the Lynchburg Redevelopment Housing Authority to serve as conduit for up to $30 million in revenue bonds for the planned renovation of the former Barker-Jennings building at 1300 Campbell Ave into about 120–125 workforce housing units.
Lynchburg City Council approved a request to have the Lynchburg Redevelopment Housing Authority serve as the conduit issuer for up to $30,000,000 in revenue bonds to finance the redevelopment of the former Barker-Jennings building at 1300 Campbell Avenue.
City staff told council that Astoria Housing Partners asked the housing authority to issue private-activity revenue bonds for a project that would convert the vacant, historic building into roughly 120 to 125 workforce housing apartments targeted at an overall average of about 60% of area median income (AMI), with some units rent-restricted up to 80% AMI. The staff presentation noted that studios would rent at about $930 a month, one-bedrooms at $996…
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