An apartment complex in Eastville, Virginia, will receive a complete upgrade and renovation this coming year as the Accomack-Northampton Regional Housing Authority works to preserve 34 units of affordable housing. The William Hughes Apartment had been run by a nonprofit that filed for bankruptcy in 2011. The Authority, in existence for 22 years, already owns and oversees 155 units of affordable housing across the Eastern Shore of Virginia. A construction loan from VCC and our affiliated bank, Community Capital Bank of Virginia, will help with a restoration of this housing complex, which serves an important population in the area.
“We are delighted to help with the renovation of more affordable housing units through our loan to the Accomack-Northampton Regional Housing Authority,” say Dawn DeHart, VCC Senior Loan Officer who worked on this particular deal. “These funds will not only allow the Authority to bring the unit systems up to date, but the improvements will be EarthCraft certified.”
Developed in 1999, EarthCraft is a green building certification process in the Southeast United States. EarthCraft standards focus on energy efficiency and site enhancements that ultimately make buildings more efficient and durable.
The William Hughes Apartment complex is 16 years old and consists of one-, two-, three-, and four-bedroom units. Rent levels will be at 40 to 50% AMI (Area Median Income). The Authority will use LIHTC (Low Income Housing Tax Credits) through the Virginia Housing Development Authority to complete financing for the project. Other important partners in the process include PNC (loan funding source) and the Virginia Community Development Corporation (LIHTC investor). Special thanks from the authority also go to HD Advisors, working under a contract with NCALL Research of Dover, Delaware.