Subordinate city's $4.5 million housing loan to new $17.5 million bond
$17,500,000
Resolution 78-16
In Plain English
The city loaned $4.5 million to the Richmond Housing Authority for affordable housing upgrades at Friendship Manor and Triangle Court. The housing authority now needs a new $17.5 million bond to complete the project. The city agrees to be paid back after the bond holders if the housing authority defaults.
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Votes
Approve consent calendar
7 to 0
Similar Discussions
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Approve $9.5 million bond refinancing to reduce city debt payments
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Write off $10.4 million in uncollectable debt from Richmond Housing Authority
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