Active Projects
Deerfield
Deerfield is a 39-unit affordable elderly apartment community in Crewe, Virginia. The community is planned to undergo a substantial renovation in Q2 2024 utilizing a 2023 9% Tax Credit award from the Virginia Housing Development Authority. The project financing also includes a USDA-RD Section 515 Loan.
Details
Type: Elderly
Location: 1651 W Maryland Ave, Crewe, VA
Units: 39
TDC: $5.7 million
Tax Credit Equity: $3.55 million
Financing: USDA-RD, LIHTC
The Coile
The Coile is a proposed 62-unit affordable multifamily development to be located in Newport News, Virginia. This project consists of two buildings approximately four blocks from one another. Each building will have a “flex unit,” a 2-bedroom unit that can be split into two separate 1-bedroom units depending on current market demand. Modern "green" features include solar benches, Newport News’s first bikeshare, a grey water irrigation system, and a Pavegen children’s game. Such innovation is scarcely found in the comparable affordable housing. Construction is slated to begin Q2 2024.
Details
Type: Family
Location: 80 29th St, Newport News, VA
Units: 62
TDC: $15.2 million
Tax Credit Equity: $8.5 million
Financing: LIHTC
Diamond Court II
Diamond Court II is an existing affordable multifamily development located in Harrington, Delaware. The property consists of 32 apartment units originally constructed in 1989 with USDA-RD financing. PCDC plans to renovate the community utilizing a 2021 9% tax credit award from the VHDA. Construction is slated to begin December 2023.
Details
Type: Family
Location: 35 Diamond Court, Harrington, DE
Units: 32
TDC: $10.1 million
Tax Credit Equity: $5.2 million
Financing: USDA-RD, LIHTC