SENS. WARNER, KAINE ANNOUNCE NEARLY $7 MILLION TO SUPPORT AFFORDABLE HOUSING DEVELOPMENT IN VIRGINIA

WASHINGTON – (RealEstateRama) — U.S. Sens. Mark R. Warner and Tim Kaine (both D-VA) announced today that 18 initiatives led by local financial institutions and non-profits in Virginia will receive $6.6 million from the Federal Home Loan Bank of Atlanta (FHL-Bank Atlanta)’s Affordable Housing Program (AHP) to support affordable housing development in Virginia.

“Affordable housing is one of the bedrocks of economic security and financial stability for American families,” said Sen. Warner. “These funds will provide valuable resources for existing housing networks in Virginia, which are already on the ground working to provide individuals with a place to live that is within their reach. This support will help revitalize local neighborhoods, create jobs, and encourage economic development within the Commonwealth.”

FHL-Bank Atlanta is one of the 11 regional banks in the Federal Home Loan Bank System, providing commercial banks, credit unions, savings institutions, community development financial institutions, and insurance companies within seven southeastern states, including Virginia, with a reliable source of funding for affordable home mortgages and community lending. More information on FHL-Bank-Atlanta can be found here.

The 18 awardees and programs descriptions are listed below:

• Lindsay Hill: Lorton, VA

Member: Burke & Herbert Bank & Trust Company. Sponsored by: Community Housing Partners Corporation. Grant: $275,000 for 55 rental units. Total Development Cost: $15,077,337.

Description: AHP funds will go toward the adaptive-reuse of five existing historic buildings within the Spring Hill Senior Community Located in Lorton, VA. Lindsay Hill will serve seniors age 62 and older and individuals with disabilities in Fairfax County.

• Washburn Place: Marshall, VA

Member: Middleburg Bank. Sponsored by: Windy Hill Foundation. Grant: $500,000 for 30 rental units. Total Development Cost: $8,998,123.

Description: AHP funds will be used in connection with the new construction of a 30-unit family housing project in Marshall, VA. Rent for the units will be affordable to households at 40, 50, and 60 percent of the area median income.

• Robinson Park: Harrisonburg, VA

Member: Branch Banking and Trust Company. Sponsored by: Southeastern Housing Preservation, Inc. Grant: $243,909 for 88 rental units.Total Development Cost: $11,624,106.

Description: AHP funds will be used for the new construction of 88 units of affordable rental housing to families earning 50 and 60 percent of the area median income. Upon completion, Robinson Park will be EarthCraft Platinum certified.

• The Village at Rockbridge: Lexington, VA

Member: Branch Banking and Trust Company. Sponsored by: Mark-Dana Corporation. Secondary Sponsor: Virginia United Methodist Housing Development Corporation. Grant: $325,000 for 64 rental units. Total Development Cost: $4,368,570.

Description: AHP funds will go toward the rehabilitation of a 64 unit affordable apartment property in Lexington, VA. Rehabilitation will include replacement of roofing, water fixtures, cabinets, doors, flooring, windows, appliances, and HVAC units.

• Cavalier Senior Apartments: Petersburg, VA

Member: Bank of America, National Association. Sponsored by: Humanities Foundation, Inc. Grant: $471,911 for 80 rental units. Total Development Cost: $11,686,838.

Description: AHP funds will go toward a new construction development located in the City of Petersburg, VA. The development will consist of 80 garden style apartments for seniors and will be a mix of one and two-bedroom units targeting residents at 40, 50, and 60 percent of the area median income.

• Jackson Ward Senior: Richmond, VA

Member: Capital One, National Association. Sponsored by: Community Housing Inc.. Grant: $500,000 for 72 rental units. Total Development Cost: $13,757,488.

Description: The Jackson ward Senior building is part of the multiphase redevelopment of a low income senior public housing site in Richmond, VA. The new building will contain 72 one bedroom units and will be built to Earth Craft Platinum standards.

• New Clay House II: Richmond, VA

Member: Union Bank & Trust. Sponsored by: Virginia Supportive Housing. Grant: $500,00 for 80 rental units. Total Development Cost: $14,845,886.

Description: AHP funds will go toward the renovation and expansion of an affordable housing development for formerly homeless individuals in Richmond. After the renovation and expansion, at least 55 units will be reserved for formerly homeless individuals and the remaining units will be reserved for individuals earning at or below 50 percent of the area median income.

• Creekside Manor: Henrico, VA
  Member: Branch Banking and Trust Company. Sponsored by: Mark-Dana Corporation. Secondary Sponsor: Virginia United Methodist Housing Development Corporation. Grant: $500,000 for 97 rental units. Total Development Cost: $7,448,920.

Description: AHP funds will go toward the rehabilitation of a 97-unit affordable apartment property in Henrico, VA. Rehabilitation will include replacement of roofing, water fixtures, cabinets, doors, flooring, windows, appliances, and HVAC units.

• Village Green: Gloucester, VA

Member: Branch Banking and Trust Company. Sponsored by: Southeastern Housing Preservation, Inc. Grant: $168,736 for 32 rental units.Total Development Cost: $3,227,197.

Description: Village Green consists of the acquisition and rehabilitation of 32 existing multi-family units. Rehabilitation will include new windows, HVAC, water heaters, appliances, roofs, siding, flooring, and improvements to accessibility. Upon completion, the property will be EarthCraft certified.

• Cypress Landing: Chesapeake, VA

Member: TowneBank. Sponsored by: Second Act Communities. Grant: $500,000 for 50 rental units. Total Development Cost: $10,448,624.

Description: AHP funds will go toward the construction of an apartment development containing 44 one-bedroom units and six two-bedroom units. The development will serve very low-income disabled and/or homeless veterans. Thirty-eight units will serve veterans who have incomes at or below 30 percent of the area median income and the remaining 12 units will serve veterans who have incomes at or below 50 percent of the area median income.

• King’s Arms: Hampton, VA

Member: The Old Point National Bank of Phoebus. Sponsored by: Hampton Redevelopment and Housing Authority. Grant: $500,000 for 48 rental units. Total Development Cost: $9,466,152.

Description: AHP funds will be used for the construction of a 48-unit affordable senior independent housing development consisting of garden style apartments. The development will include housing for elderly veterans.

• Ada Park: Newport News, VA

Member: Branch Banking and Trust Company. Sponsored by: Southeastern Housing Preservation, Inc. Grant: $202,295 for 42 rental units.Total Development Cost: $7,998,558.

Description: AHP funds will be used for the construction of an affordable housing development which will provide 42 units of rental housing to families earning below 65 percent of the area median income.

• Belleville Meadows: Suffolk, VA

Member: Capital One, National Association. Sponsored by: Community Housing Partners Corporation. Grant: $300,000 for 128 rental units.Total Development Cost: $14,322,493.

Description: AHP funds will be used for the rehabilitation of an existing affordable housing development in Suffolk, VA. Rehabilitation will include new flooring, roofing, energy efficient windows, kitchen appliances, faucets, and showerheads.

• Dale Homes Phase I: Portsmouth, VA

Member: TowneBank. Sponsored by: Portsmouth Redevelopment and Housing Authority. Grant: $500,000 for 146 rental units. Total Development Cost: $22,907,475.

Description: AHP funds will be used in connection with the acquisition and rehabilitation of an existing 146 unit public housing development known as Dale Homes Phase I and will be targeted to very low income families in Portsmouth, VA. The project involves the conversion of public housing units under the Rental Assistance Demonstration program.

• Dale Homes Phase II: Portsmouth, VA

Member: TowneBank. Sponsored by: Portsmouth Redevelopment and Housing Authority. Grant: $500,000 for 150 rental units. Total Development Cost: $23,494,499.

Description: AHP funds will be used in connection with the acquisition and rehabilitation of an existing 150-unit public housing development known as Dale Homes Phase II, and will be targeted to very low income families in Portsmouth, VA. The project involves the conversion of public housing units under the Rental Assistance Demonstration program.

• Homeownership and Hope- Virginia: various sites, VA

Member: Union Bank & Trust. Sponsored by: Greater Lynchburg Habitat for Humanity (*). Secondary Sponsors: Habitat for Humanity in the Roanoke Valley and Farmville Area Habitat for Humanity, Inc. Grant: $199,500 for 20 ownership units. Total Development Cost: $3,380,305

Description: AHP funds will be used for the construction and rehabilitation of single family homes across Virginia. Eleven of the units will be new construction and nine will be rehabilitation of existing and vacant houses.

• Greater Charlottesville Habitat for Humanity: Charlottesville, VA

Member: Union Bank & Trust. Sponsored by: Greater Charlottesville Habitat for Humanity. Grant: $186,200 for 19 ownership units. Total Development Cost: $3,003,788.

Description: AHP funds will go for the construction of single family homes in Charlottesville, Virginia. Habitat for Humanity reserves at least 25 percent of its homeownership opportunities for residents of public housing or who have with Charlottesville Redevelopment and Housing Authority Housing Choice vouchers. All of the proposed new homes are accessible with at least one no-step entryway and are built to ENERGY STAR® 3 specifications.

• Sun Valley Landings: Dublin and Radford, VA

Member: Union Bank & Trust. Sponsored by: Community Housing Partners Corporation. Grant: $246,333 for 42 rental units. Total Development Cost: $5,326,516.

Description: AHP funds will be used for the acquisition and rehabilitation of a scattered site development of two properties. Sun Valley Landings will serve low income households earning at or below 50 percent and 60 percent of the area median income.