CHPC's General Contracting Services Celebrates Completion of First Phase of Kings Highway Project
Posted in RED Updates
King George, Virginia – Elderly and disabled residents of King George and surrounding counties have access to a new housing option thanks to the partnership between Project FAITH, Inc., a non-denominational faith-based housing development corporation, and Community Housing Partners’ (CHPC) General Contracting services.
The first phase of the Kings Highway Project was dedicated as Angelwood on Nov. 4, 2006 and consists of 24 universally designed one- and two-bedroom units in a garden style campus, including vaulted ceilings, handicap accessible appliances, roll-in showers and transfer tubs. The project serves residents earning 40-50% below the area’s median income, with monthly rental costs ranging from $450-575.
Project Faith Executive Director Froncé Wardlaw said the project was funded by low-income housing tax credits (LIHTC) in 2004 and gap financing from Virginia Housing Development Authority (VHDA), the Department of Housing and Community Development (DHCD), Federal Home Loan Bank and various other sources. The tax credits were syndicated by the Virginia Community Development Corporation (VCDC) and construction loan financing provided by Union Bank & Trust.
Project FAITH is a charitable housing organization promoting safe, affordable and accessible housing for persons with disabilities and elder individuals of low-incomes. Angelwood was the organization’s first multi-unit development. In his remarks at the dedication ceremonies Jim Chandler, Director of the LIHTC program for VHDA said, “This is one of the best projects I have ever seen.”
Following the success of the first phase, CHPC was approached by Project FAITH to continue work on the second phase of this project which will be submitted for tax credits in 2007.
“Thanks to all the hard work by Project Manager Jeff Waller and all of our subcontractors, we were able to complete this project a month ahead of schedule,” said Todd Peacock, CHPC’s VP of Construction. “CHPC has developed a great working relationship with Project FAITH and we look forward to another successful project working with Froncé Wardlaw of Project FAITH and Chris Sterling of VCDC.”