Low Income Housing Tax Credits Awarded to 3 CHP Communities
Christiansburg, Va. — Community Housing Partners (CHP) is proud to announce that it has received Low Income Housing Tax Credit (LIHTC) awards for the following CHP-owned and managed rental communities:
- Dolly Ann Apartments - Covington, Virginia: 108 units
- Old Farm Village - Christiansburg, Virginia: 84 units
- Friendship Village - Virginia Beach, Virginia: 110 units
The extensive renovations at each property will include energy-efficient mechanical systems, appliances, and lighting; ENERGY STAR windows and refrigerators; low-VOC paints and finishes; native landscaping; and all-new water-efficient bathroom fixtures, kitchen cabinets, flooring, and roofing. These sustainable measures will result in higher efficiency, more durable homes with decreased utility costs for the residents and reduced maintenance fees for the property management staff.
“We are quite happy with the rehabilitation work taking place in Christiansburg, Covington, and Virginia Beach,” said CHP Vice President of Multifamily Development John Henry. “Thanks to the LIHTC program, CHP is able to help revitalize affordable rental properties in these previously under-served communities,” added Henry.
The Federal LIHTC program is sponsored by the U.S. Treasury Department and administered in the state of Virginia by the Virginia Housing Development Authority (VHDA). The highly competitive LIHTC program encourages the development of affordable rental housing by providing owners with a federal income tax credit. The program also serves as an incentive for private investors to participate with developers in the construction and rehabilitation of low-income housing.