March 26, 2021
Community Housing Partners (CHP), a Virginia-based provider of affordable and sustainable housing, recently received $1.3 million in Affordable and Special Needs Housing loans for two real estate development projects in Virginia.
The Commonwealth of Virginia awarded more than $24 million in loans for 28 projects this month, creating or preserving 1,635 affordable housing units for low-income households. CHP received $500,000 from the Virginia Housing Trust Fund (VHTF) and $300,000 from the federal HOME Investment Partnerships Program to expand the Woods at Yorktown Apartments in Yorktown, Virginia, as well as another $500,000 from VHTF to renovate Northway Apartments in Galax, Virginia.
“This financing will help CHP move forward with our vision for healthy, sustainable communities for everyone,” said Samantha Brown, Vice President of Real Estate Development at CHP. “We are excited to preserve our affordable rental communities and increase opportunities for stable housing in Virginia.”
In a statement about the housing loans, Gov. Ralph Northam explained that his office hoped that these funds support Virginians in need at a time when many are facing housing challenges from the COVID-19 pandemic. “The Affordable Special Needs Housing program is a valuable resource for increasing the availability of safe, affordable, and sustainable housing for low-income Virginians, particularly those with special needs,” he said. “With this round of funding, we will advance projects that strengthen our communities and help ensure every Virginia resident has the opportunity to build a healthy, productive life in our Commonwealth.”
CHP will use this financing to add 60 new apartments to the existing 118 units at the Woods at Yorktown Apartments. This will involve the construction of five, three-story buildings with two- and three-bedroom apartments. CHP will build 20 units to meet Universal Design standards, six units to be fully accessible, and two units to serve residents who are hearing or sight impaired. In addition, 12 apartments will benefit from project-based rental assistance, meaning that residents will not have to pay more than 30 percent of their household income toward housing costs, including utilities.
In Galax, CHP will renovate the existing 72 garden-style apartments at Northway Apartments, again adding accessibility features to some of the one-, two-, and three-bedroom units. Eight apartments will meet Section 504 of the Rehabilitation Act, and two will serve residents who are hearing or sight impaired. Much like at Woods at Yorktown, 60 apartments at Northway will benefit from project-based rental assistance, meaning that residents will not have to pay more than 30 percent of their household income toward rent and utilities.
This is not the first time that CHP has been awarded Affordable and Special Needs Housing Loans, which combine state and federal resources to provide a simplified process for housing providers to access funding to increase affordable housing and reduce homelessness. In 2019, CHP received $2.3 million in funding for the Residents at North Hill in Fairfax County, Virginia.