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Board approves resolution authorizing up to $7 million in conduit bonds tied to Kindlewood phase financing
Summary
The board approved Resolution 1501 to authorize conduit issuance of up to $7 million in multifamily revenue bonds; staff explained the conduit role and project financing for Kindlewood phase 3B, which will use tax‑exempt bonds alongside low‑income housing tax credit equity and requires city council approval before closing.
The Charlottesville board voted to approve Resolution 1501, authorizing the issuance of up to $7 million in multifamily revenue bonds to support a redevelopment project presented as Kindlewood phase 3B. Board materials referenced the resolution number and project financing; staff emphasized the conduit issuer role and that the authority would not assume repayment liability.
"You are acting as a conduit issuer, meaning you're issuing the bonds, but you're not using your own money," Delphine Kins told the board, explaining that project revenues and developer sources will repay the bonds and that the conduit structure enables the use of tax‑exempt financing combined with low‑income housing tax credit equity.
Mandy Burbage, a real‑estate development manager with Piedmont Housing Alliance, described the Kindlewood redevelopment context and the phase covered by the requested bond support. She said the overall phase three (constructed as a single build) will include about 79 rental units, of which roughly 50 are replacement Section 8 units, and six affordable home‑ownership units in partnership with the Piedmont Community Land Trust. The 3B financing request specifically covers 24 two‑over‑two townhome‑style units in three buildings and frontage on a planned city park.
Delphine and staff stressed the multi‑step approval process: the board approves the resolution to authorize staff to proceed with next steps, the project then proceeds to city council for required approvals, and the board will be asked to finalize approval at a later meeting before closing. The board recorded a roll call in which named commissioners voted yes and the chair certified the vote.
No members of the public offered comments on the bond issuance during the public hearing; staff said city council consideration would follow in early April and closing would occur only after necessary approvals and final documents were in place.
