Newport News recently secured a commitment from the state for a $40 million loan to support construction of U.S. Navy housing downtown, but the city is awaiting the Navy’s response on the project’s next steps.
The city’s intergovernmental affairs manager, Jerri Wilson, said Tuesday to her knowledge, the Navy has yet to officially commit to a specific course of action for downtown housing in Newport News. State and local officials previously stated the Navy could contribute up to $400 million to house sailors and revitalize downtown.
“I think the next step is for the Navy to say, ‘We are definitely going to build housing for sailors in downtown Newport News,’” she said. “And what is that going to look like? The next step is for the Navy to say, ‘Here, this is what we want to do, and this is what we can or what we are willing to commit to it.”
Wilson discussed the loan, which was included in the budget passed by the General Assembly this year, during a council work session. The budget authorizes the Virginia Secretary of Finance to approve an up to $40 million short-term, interest-free, state-supported treasury loan to help support U.S. Navy-related housing infrastructure. The budget also says the Secretary of Finance shall approve and release the loan under the following conditions — the U.S. Navy has committed sufficient resources to fund the project, the city has provided matching funds for the project…
