project:HOMES
Borrower : project:HOMES
Where : Richmond, VA
Loan Amount : $100,000
Project Type : Construction Loan
Opportunity
Project:HOMES doesn’t only improve houses, they improve lives. In areas lacking safe and affordable housing, the nonprofit general contractor’s goal is to build modern affordable housing and advance the safety, accessibility, and energy efficiency in existing homes for low-income individuals and families. Throughout Central Virginia, they construct modifications for special-needs accessibility, implement energy conservation methods, and make critical home-safety repairs. Project:HOMES has worked on 21,000 projects in 15,000 homes and impacted the lives of more than 35,000 Richmond residents.
Up in Church Hill, project:Homes is renovating an affordable, two-family home that will be owned and maintained by the organization.
Impact
Project:HOMES was approved for a $100,000 loan for the renovation of 909 N. 27th Street in Richmond for a project that will cost $170,000; the nonprofit is contributing $70,000 in the form of land and cash. Project:HOMES will rent the property and hold it long term.
Once complete, the formerly dilapidated duplex will match and preserve the charm of Church Hill, a historic neighborhood in the East End of the city. The house will provide the opportunity for individuals to have affordable homes in an area of the city that has seen a sharp rise in property values, and along with it, a burgeoning restaurant and cultural scene.
Solution
Since our founding in 2006, VCC has been dedicated to bringing vibrancy back to communities and partnering with organizations such as project:Homes to make affordability a reality for many families. With the help of a modest, mission-first construction loan from VCC, project:HOMES can continue its mission of improving the lives of people in need.
Beyond lending, we’re a partner for all projects, and our borrowers are able to tap into our vast industry expertise to learn more about best practices and observed challenges in real estate projects like this one. We bring in experts and stakeholders to make certain every project has a plan for success and can deploy talent and resources to answer complex questions our partners may have regarding capital sources, regulations, development methods, and more.