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.
Auto-generated summary. Source: official agenda documents.
Votes
Approve consent calendar
7 to 0
Similar Discussions
5 related items found by meaning
Approve $9.5 million bond refinancing to reduce city debt payments
Approve $3 million in loans to RHA Housing Corporation for affordable housing projects
Write off $10.4 million in uncollectable debt from Richmond Housing Authority
Extend $104,407 loan agreement with Richmond Neighborhood Housing Services
Use federal housing grants to pay off $851,401 in old city loans
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