VHDA Press Releases

 

 


FOR IMMEDIATE RELEASE
January 7, 2003


CONTACT: Nick Scola
804-675-8176
nscola@crtpr.com

VHDA’S DEVELOPMENT DIVISION ANNOUNCES
FUNDING FOR MULTIFAMILY PROPERTIES

RICHMOND, Va. (Jan. 7, 2003) – Today, VHDA’s multifamily division announced the commitment of $6.4 million in reduced-rate loans to finance five statewide multifamily development improvements.

“For more than 25 years, VHDA has financed, serviced and managed multifamily housing and processed and disbursed subsidies to developers,” said VHDA Assistant Director of Multifamily Development John Hastings. “These recipients demonstrated an ability to meet the needs as identified in the recent housing needs assessment.”
The following five developments meet VHDA’s public purpose lending goals and underwriting criteria:

  • Serve, Inc., family homeless shelter located in Manassas, Va.
  • Crystal Chase Apartments, 32 unit, low-income complex located in Strasburg, Va.
  • Chandler’s Wharf Apartments, 66 unit, low-to moderate-income complex located in Hampton, Va.
  • Heather Glen Townhomes, 40 unit, low-income complex located in Radford, Va.
  • Harbor Landing Apartments, 32 unit, low-income complex located in Bristol, Va.

Applications were accepted from multifamily developers, including for-profits and non-profits, which support housing for special needs populations, elderly, physically disabled and low-to moderate-income tenants.

“Receiving a reduced-rate loan allows us to channel our finances to more pressing needs,” said Serve, Inc. President Rob Heltzel.

From the total amount awarded, $4 million was gathered from VHDA’s Virginia Housing Fund and SPARC programs, which provide below-market interest rates with an amortization option of up to 30 years. The remaining $2.4 million was generated from taxable bonds.

VHDA is Virginia’s housing finance agency and is self-supporting. VHDA issues bonds to raise private capital to provide low-interest rate loans to consumers to purchase or renovate homes and loans to developers for the development, rehabilitation and renovation of rental units to deliver safe, decent, affordable housing. Affordable Housing Starts Here™.


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