More affordable housing — in more Virginia places

August 19, 2019 | Impact Stories

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Borrower : People Incorporated

Where : Tappahannock, Culpeper and Fauquier Counties, VA

Loan Amount : $5.2 million

Project Type : Commercial Real Estate | Low-Income Housing Tax Credit loans



Based in Abingdon, the 55-year-old People Incorporated of Virginia is one of the largest rural community action agencies in the nation. It serves residents throughout Virginia, and during the past decade has expanded its reach into other communities throughout the Commonwealth.

Affordable housing in Virginia is in high demand, and like other states, is scarce. According to the National Low Income Housing Coalition, the U.S. has a shortage of homes available to extremely low-income renters, whose household incomes are at or below the poverty guideline of 30% of the area median income. In Virginia, more than 235,000 renter households are considered extremely low income, and yet there are only 40 affordable units available for every 100 of those households.

People Inc. works to close that gap.

Since 2006, People Inc. has developed more than 21 communities using more than $50 million in federal Low-Income Housing Tax Credits funds (LIHTCs), a program administered in Virginia by the Virginia Housing Development Authority. LIHTCs encourage development of affordable rental housing by offering owners and private investors income tax credits and incentives to participate in the construction and rehabilitation of affordable housing developments.

People Inc. identified several properties across Virginia it could redevelop into affordable housing options for the respective communities. A relationship with Virginia Community Capital helped make the organization’s vision a reality.


In late 2018, VCC closed a series of loans with People Inc. These four loans across three properties were directed toward the purchase and rehabilitation of units until low-income housing tax credits could be leveraged.

The properties include:

  • Essex Manor, a housing community in Tappahannock. The project is rehabilitating 40 affordable units and a community building.
  • Culpeper Crossings, a 28-unit apartment complex in Culpeper. The units are leased, but the plan is to rehabilitate the property using tax credits.
  • Millview, a 28-unit apartment community in Remington, a town in Fauquier County. The property consists of three buildings with two bedrooms in each.


In only 13 years, People Inc.’s LIHTC efforts have led to the creation of more than 600 low-income housing units, which they manage throughout Virginia. The Essex Manor, Culpeper Crossings, and Millview projects add another 96 units to the total.

All People Inc. projects have received EarthCraft Virginia (now Viridiant) certification, designating them as green, sustainable housing. When homes are designed and built to have a lower economic and environmental impact, the benefits are seen through utility savings, emissions reductions and happier, healthier people. Viridiant has also named People Inc. as Virginia Multi-Family Developer of the Year. Beyond building homes, People Inc. runs more than 30 programs designed to “give people a hand up, not a handout.” Programs include everything from affordable child care to college access services for first-generation students, to workforce development initiatives.

VCC is proud to support a mission-aligned organization like People Inc. to help them realize their mission: To provide opportunities for economically disadvantaged people to improve their lives, their families, and their communities.

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