Church Hill North, Richmond
The groundbreaking for Church Hill North marks the redevelopment of the former Armstrong High School site and will complement significant revitalization efforts along the Nine Mile Road business corridor. The construction is of two separate developments – one which will have 45 units for seniors, and the other which will have 60 family units spread among numerous buildings. These buildings represent the first two phases of a very large development that the Richmond Redevelopment & Housing Authority and The Community Builders are developing in the area.
Both of the developments will seek EarthCraft certifications, which will help reduce tenants’ utility costs and provide healthy indoor air quality. 100 percent of the units in the Church Hill North seniors building (45) will meet Universal Design requirements, making them fully accessible to those with disabilities.
These two Church Hill North developments, which were financed in part with $10.8 million in tax credit proceeds and employ a unique financing structure that VHDA incentivizes through the tax credit program. They use a combination of both 9% and 4% tax credits from VHDA, attracting private investor capital through two distinct channels that fund the two developments. The benefit of combining 9% credits with tax exempt bonds and 4% credits is that it uses fewer scarce 9% tax credits, replacing them with more plentiful 4% tax credits, thereby making more 9% credits available for other affordable housing developments.
Jackson Ward Seniors and Multifamily, Richmond
New construction is in progress to bring affordable housing to Richmond's Jackson Ward community. The Jackson Ward development is the second of three phases to be developed by the Richmond Redevelopment and Housing Authority and Community Preservation and Development Corporation (CPDC). It will contribute to the mayor's goal of creating 1,500 new affordable units in Richmond in the next five years.
The development will feature units for low-income seniors that are fully accessible by Universal Design requirements and built to the highest level of EarthCraft certification, reducing utility costs and providing healthy indoor air. It will also include 82 apartments for individuals with a mix of incomes as well as 6,000 square feet of retail space.
VHDA provided funding through $16 million in combined tax exempt and taxable bond proceeds as well as federal Housing Credits for a total of $26 million in capital to fund the project. VHDA remains focused on working with our partners to increase the amount of affordable housing in Richmond, and we are proud to be a partner in celebrating and preserving the African-American history of the Jackson Ward Historic District.
The Fallstead, McLean
Wesley Housing made this development a reality. Through a unique partnership with Fairfax County, they took what was once an old elementary school and created a great model that combines adaptive reuse, density, and services.
Tax credits are essential to the development and preservation of affordable rental housing like The Fallstead, which was awarded 9% credits by VHDA, producing more than $12.5 million in equity. The units at The Fallstead are 100 percent affordable for working families earning 40, 50, and 60 percent of the area's median income. VHDA recognizes that green building practices will be essential to maintaining housing affordability in the future. Because of Wesley's commitment to quality construction and their green building efforts, The Fallstead was awarded the highest level of EarthCraft certification - Platinum - which will help reduce utility costs and provide healthy indoor air quality. 100% of the units also meet universal design requirements, making them fully accessible to those with disabilities.
The Bloom and Carpenter's Shelter, Alexandria
On August, 29th, 2018, Alexandria Housing Development Corporation, along with project partners celebrated the groundbreaking of the Bloom and Carpenter's Shelter. VHDA committed approximately $10.3 million toward funding through a mix of long-term taxable bond proceeds, $2 million in local Match funds and $5 million in REACH Rental funds.