Virginia Supportive Housing & Church Street Station Studios, LLC
Borrower : Virginia Supportive Housing Church Street Stations, LLC
Where : Norfolk, VA
Loan Amount : $6.5M
Project Type : New Construction Loan
Opportunity
Church Street Station Studios is an 80-unit development from Virginia Supportive Housing, a Richmond-based nonprofit that operates 650 housing units in 16 communities, including six apartment complexes in Hampton Roads. Church Street Station provides new affordable housing and support services for formerly homeless individuals, low-income tenants, and those with cognitive or physical impairments. Forty units have rental subsidies for homeless adults, and the remaining units have rental subsidies for those earning 50 percent or less of the area median income. Church Street Station Studios is permanent rental housing; residents sign leases and pay a monthly rent. The loan from VCC, in partnership with fellow CDFI City First Bank, closed in September 2016; the building opened in November, and a grand opening was held on January 11.
Impact
Church Street Station Studios serve as permanent supportive housing for individuals in need and those who require additional supportive services due to a mental or physical disability. Each unit is approximately 350 square feet and includes a bed, nightstand, dresser, table, two chairs, kitchenette with full refrigerator and range oven, and full bathroom. Eight units are completely accessible for persons with disabilities. There is also community space, resident computer lab, and fitness facilities. Once housed, Virginia Supportive Housing staff assist tenants with accessing mainstream community services and resources, monitor the quality and effectiveness of those services and ensure coordination of care. They help each tenant achieve individual goals such as maintaining housing, securing income or work, and improving health and mental health conditions. Staff also assist with counseling and skills training.
Solution
- Mission-Focused Lending
Numerous parties in the Hampton Roads area have directed grants and funding to Church Street Station Studios. The $13.9 million project’s partners include the cities of Norfolk and Virginia Beach, numerous community and corporate foundations, and several housing and community development groups. VCC and City First Bank provided the construction financing and served as the borrower’s Member Bank for the Affordable Housing Program (AHP) Grant from the Federal Home Loan Bank of Atlanta.
As a mission-focused lender, VCC is committed to helping finance, preserve, rehabilitate and develop affordable housing across Virginia, and Church Street Station is an ideal and aligned borrowing partner.