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