City of Danville City Council Regular Meeting Agenda May 19 2026
1700 Main LLC to Receive Loan for Workforce Housing Project
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Description
Danville plans to lend $2,000,000 in Virginia Housing grant funds to 1700 Main LLC through the Industrial Development Authority to support construction of 182 workforce housing units at 1700 West Main Street. Developer loan repayments will be recycled into a revolving fund for additional workforce housing projects.
Contract Details
Contract Amount
$2,000,000 (loan from IDA funded by Virginia Housing)
Vendor
1700 MAIN LLC
Agency
City of Danville, VA
Contract Type
FINANCIAL_SERVICES
Document Date
May 16, 2026
Contract Term
Not specified; tied to loan terms under IDA program
Renewal Info
Loan term and amortization details are not stated in the ordinance; repayment will flow back into the revolving workforce housing loan fund.
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City of Danville City Council Regular Meeting Agenda May 19 2026
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