Council rejects Trustland Inc. request to designate project for VHDA refinancing
Stephens City Council voted down a Planning Commission–recommended resolution that would have allowed Trustland Inc. to use VHDA refinancing requiring 20% of units be low-income or workforce housing; the motion failed on a 3–2 recorded vote with one member absent.
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Town Manager Mike Majher told the Stephens City Town Council on Oct. 1 that Trustland Inc. requested council approval of a resolution containing language required by the Virginia Housing Development Authority (VHDA) to qualify a local development for a VHDA refinancing program. The proposed provision would have set 20% of the development aside as low-income or workforce housing and left the remaining 80% unrestricted.
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