VCC Finances Renovation of Affordable Senior Housing

Richmond BizSense
Wednesday, December 30, 2015

Virginia's William Byrd affordable senior housing complex is ready for a makeover thanks to financing from Virginia Community Capital, the Virginia Housing Development Authority and the city of Richmond Housing Trust Fund. All residents of the complex must be at least 55 years old and meet low-income requirements. The property will have each of its units renovated and add new accommodations for residents with disabilities. The building, which was constructed as a hotel in 1925, is on the National Register of Historic Places and was renovated into low-income senior housing in 1996. The owners have been working for almost three years to get the necessary low-income tax credits and historic tax credits for the project before assembling the current financing package.