IDB authorizes $48 million in tax‑exempt bonds for Dominion’s Trinity Lane affordable housing project

The Industrial Development Board approved a final authorizing bond resolution on Nov. 12 to permit issuance and sale of up to $48,000,000 in tax‑exempt bonds for the Trinity Lane Apartments, a Dominion‑sponsored 233‑unit affordable housing development targeted at 60% area median income.

Corbin, issuer’s counsel, summarized the bond documents and noted the resolution authorizes the issuer to proceed to the market. Frank Hogan of Collier Securities, the underwriter, said Collier will offer the publicly marketed $48,000,000 of tax‑exempt bonds and that the issue carries a Moody’s rating of double‑A1. “The bonds are, double a 1, rated by Moody's investor service, and they'll provide construction financing for the project,” Hogan said. The planned permanent financing is expected to be a Freddie Mac tax‑exempt mortgage at conversion.

Dominion described Trinity Lane as a larger, roughly 10‑ to 11‑acre site that allows a “lock‑up” product type with surface parking and more opportunities to provide four‑bedroom family units. The developer noted community engagement led to a $100,000 neighborhood benefit agreement and a service‑room partnership with Dream Streets to coordinate resident services on site.

Board members discussed construction challenges tied to topography, retaining walls and stormwater management. Dominion estimated construction would proceed through 2026–2027 with first residents possibly moving in during 2027 and stabilization by about 2028. The board approved the resolution by voice vote; the chair recorded an abstention.

Next steps include going to market to price and sell the bonds, completing closing documents and reporting back to the board as the transaction progresses.