Featured Project: Gosnold Apartments

Project Overview

Downtown Norfolk

Opened Dec. 18, 2006

60 efficiency apartments for homeless single adults

First regionally-supported SRO in the nation

Gosnold Apartments represents a unique regional approach to the provision of permanent housing to help solve the problem of homelessness in South Hampton Roads. The localities of Norfolk, Virginia Beach, and Portsmouth provided funding and rental subsidies, making it the first regionally-supported SRO in the nation. The sponsor is Virginia Supportive Housing, a non-profit housing developer that serves the homeless and persons who need support services.

                       Before

Gosnold Apartments is permanent supportive housing. Residents sign leases and pay 30% of their income in rent, with a $50 minimum monthly payment. Support services are available to help residents stabilize and improve their health, incomes, and housing.  Ten of the units are completely accessible, and the building has an extensive security system, two gated courtyards, and off-street parking.

    

                       After

Project Financing

Financing for the $5.6 million project was complicated and includes:

• Syndication of Low Income Housing Tax Credits by Enterprise
• Local funding from Norfolk, Virginia Beach and Portsmouth
• HOME loan funds from the DHCD
• Grant funds from The Norfolk Foundation and United Way of South Hampton Roads
• Rental subsidies provided by the HUD Section 8 Moderate Rehabilitation Program