Project Information

Bid Title

Direct Purchase of Tax-Exempt Bonds, Permanent Lender and Tax Credit Investor to Finance the Sykes Midrise in Norfolk, VA

Issuing Agency

Norfolk Redevelopment & Housing Authority

Location

Virginia

Published Date

May 5, 2025

Closing Date

Jun 5, 2025

Government Level

State & Local

Status

Closed

Ref. #

PR2454-454-25

Original Source

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Bid Documents

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Project Description

Project: Direct Purchase of Tax-Exempt Bonds, Permanent Lender and Tax Credit Investor to Finance the Sykes Midrise in Norfolk, VA

Ref. #: PR2454-454-25

Type: RFP

Status:

Open

Open Date: May 5th 2025, 3:30 PM EDT

Intent to Bid Due Date: Jun 5th 2025, 5:00 PM EDT

Questions Due Date: May 16th 2025, 5:00 PM EDT

Close Date: Jun 5th 2025, 5:00 PM EDT

Project Description: CSG Advisors, on behalf of the Norfolk Redevelopment and Housing Authority (“NRHA”) is seeking Letters of Intent from prospective investors and lenders (“Respondents") to assist in financing of the Sykes Midrise (the "Project").
NRHA owns and operates nearly 4,000 housing units across various properties in Norfolk, Virginia, providing homes for approximately 7,000 residents. These properties include a mix of low-income public housing, developments supported by project-based vouchers, and privately managed, unassisted housing communities located throughout the city.
To address the growing demand for affordable housing, evidenced by the significant number of households on waiting lists, the NRHA has committed to substantial investments in the rehabilitation and expansion of its housing portfolio. Central to this strategy is the recapitalization of existing units and the construction of new affordable housing, aimed at increasing the supply and enhancing access to quality housing options in Norfolk.
As part of its long-term vision, the NRHA is actively repositioning its public housing portfolio by leveraging the
U.S. Department of Housing and Urban Development's (HUD) Rental Assistance Demonstration (RAD) and Section 18 conversion programs. This approach enables the assignment of Project-Based Vouchers (PBVs), increases subsidy levels, and creates opportunities for the housing authority to secure additional funding and resources to sustain and grow its housing assets.
Through these efforts, the NRHA is working to preserve and expand vital affordable housing options, ensuring long-term stability and improved living conditions for its residents while strengthening the Norfolk community.
NRHA anticipates the Project will be financed with Project-Based Vouchers, 4% Low Income Housing Tax Credits (“LIHTC”), a seller note, debt, and other soft funds including NRHA Capital Funds, and a sponsor loan.

Commodity Codes

• NAICS 541213Tax Preparation Services
• NAICS 541611Administrative Management and General Management Consulting Services

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