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Resolution Providing Approval of the Reissuance of a $13,600,000 (Starway Village II) Multifamily Housing Revenue Note Issued to Finance a Multifamily Housing Facility Known as Starway Village Phase II in the City of Wilmington, North Carolina
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Department: City Attorney’s Office Meeting Date: 9/22/2026 Contact Name: Meredith T. Everhart Public Hearing: No Contact Phone: 910-341-7820 Advertising Date/Advertised By: Attachments: Attachment #1: Resolution, Attachment #2: Certificate and Summary of Public Hearing, Attachment #3: 7/18/2023 Resolution
PURPOSE:
The purpose of this resolution is to provide statutorily required approval by the City for the Wilmington Housing Authority to issue housing revenue bonds.
BACKGROUND:
There are two proposed resolutions included in the agenda approving the reissuance of revenue notes which financed the acquisition, rehabilitation, and equipping of multifamily residential properties at Starway Village.
The first is for approximately 176 units of multifamily residential property known as Starway Village - Phase I in the City of Wilmington, and the reissuance of notes financing the development with the proposed reissuance by the Wilmington Housing Authority ("WHA" or "Issuer"), in an amount not to exceed $23,500,000, in multifamily housing revenue bonds ("Bonds").
The second is for approximately 102 units of multifamily residential property known as Starway Village - Phase II in the City of Wilmington, and the reissuance of notes financing the development with the proposed reissuance by the Wilmington Housing Authority ("WHA" or "Issuer"), in an amount not to exceed $13,600,000, in multifamily housing revenue bonds ("Bonds").
The City was contacted by McGuireWoods, LLP, serving as bond counsel to WHA, requesting approval from the Wilmington City Council for the reissuance of the above referenced bonds. Federal tax law requires that tax-exempt bonds issued to finance affordable housing be approved ...
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