Dolly Ann Apartments Rehabilitation in Covington, Virginia


Dolly Ann Apartments is a 108-unit multi-family community in southwestern Virginia that was purchased by CHP in 2009 and underwent an extensive rehabilitation in the summer of 2011. Developed in the 1970s by Community Preservation and Development Corporation, renovations were made possible with a U.S. Department of Housing and Urban Development (HUD)-insured, below-market-rate loan, a Section 8 contract covering 100 percent of the units, and Low-Income Housing Tax Credits (LIHTC).

The renovations included energy-efficient mechanical systems, appliances, and lighting; water-efficient bathroom fixtures; ENERGY STAR windows; low-VOC paints and finishes; native landscaping; and all-new kitchen cabinets, flooring, and roofing.

Of the 108 total units, 72 are two-bedroom and 36 are three-bedroom apartments. All units are rented to those earning at or below 50 percent of the Area Median Income. On-site amenities include an all-new community center, playgrounds, and laundry facilities.

Sources of Funds

  • Tax Credit Equity through Virginia Community Development Corporation
  • Tax Credit Exchange Grant through the Virginia Housing Development Authority, authorized through the American Recovery and Reinvestment Act (ARRA)
  • Virginia Housing Development Authority Loan (SPARC/REACH funds)
  • Virginia Housing Development Authority Loan (Flex Funds)
  • Virginia Housing Development Authority Loan (Taxable Funds)
  • Weatherization Assistance Program funding through the U.S. Department of Energy, authorized through the American Recovery and Reinvestment Act
  • HOME funding through the Virginia Department of Housing and Community Development
  • Deferred Developer Fee
  • Sponsor Equity

One-Time Benefits to the Local Economy from Construction of Dolly Ann

  • Total value (cost) of construction, excluding land: $5,597,116
  • Local business income: $ 688,296
  • Local wages and salaries: $2,932,234
  • Total local income from construction: $3,620,530
  • Taxes and fees from construction: $ 428,908
  • Local jobs (FTE) in construction and other industries: 44

Owner & Developer: Community Housing Partners
General Contractor: CHP Construction
Architect: CHP Design Studio
Resident Services: Community Housing Partners

 

Click on address for directions:
826 Long Ave
Covington, VA 24426


CHP Design Studio
chpdesignstudio@chpc2.org
540.382.2002 x3337
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