A new 52-unit complex for seniors is under construction in Danville, thanks to tax credits for low-rent housing.
The Danville Redevelopment & Housing Authority announced the project – in partnership with Landmark Asset Services – this week.
Landmark will develop the units on a property near Jones Crossing, a news release reported. The company has completed approximately 85 developments in nine states using the same low-income housing tax credits.
“We are honored to be part of this transformational project, and we look forward to providing these new homes for the most vulnerable seniors in the community,” said Sam Sari, vice president of Landmark, in a prepared statement. “Many thanks to DRHA, the City of Danville and Virginia Housing for making this possible.
Larissa Deedrich, CEO and Executive Director of Danville Redevelopment & Housing Authority, hopes this project will offset the loss of senior housing in Dan River Crossing.
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Before changing hands following a foreclosure, the former owner of Dan River Crossing had 60 of 74 units designated under the federal low-income housing tax credit program, Kyla Goldsmith- Ray, a spokesperson for Virginia Housing, told the Register & Bee last month. Renters’ incomes from those units could not exceed a designated amount, which is usually a percentage of the area’s median income, Goldsmith-Ray said.
“In the case of Dan River Crossing, the original owner applied for low-income housing tax credits through a competitive program administered by Virginia Housing and earned the credits, which were then used as matched equity to a Virginia Housing loan to purchase and then rehabilitate the property,” Goldsmith-Ray said.
The program is a federal grant used to fund the construction or rehabilitation of affordable rental housing and was created to incentivize developers and private investors to provide more low-income housing, she said.
But the mortgage on the property fell into default due to non-payment and the property was sold to Bridge Street Properties.
The new development near Jones Crossing will include 34 one-bedroom apartments and 18 two-bedroom apartments. To help save on utility payments, the units will be highly energy efficient, the statement said.
Designed specifically for seniors, floor plans will be designed for single-story living and will meet Virginia Housing’s Universal Design Standards, which means units will be designed to “support aging in place,” says the press release. There will also be a fully accessible elevator.
“This housing opportunity would not be possible without the support of the City of Danville, DRHA Commissioners, Virginia Housing and the surrounding community,” Deedrich said. “These homes will be an incredible opportunity for seniors to enjoy a quiet, peaceful community that is affordable and attractive.