Virginia Community Capital Project Finances Affordable Housing, Art Spaces
Construction financing from Virginia Community Capital will facilitate the renovation of a historic department store building in Petersburg, Va. into a mixed use building featuring artist studios, gallery space, mixed-income housing and commercial storefronts. The Butterworth Flats will include 45 mixed-income apartments, a majority serving incomes of less than 80 percent of area median income and a commercial storefront. “VCC was delighted to help this important downtown Petersburg project come to life,” said VCC Senior Loan Officer, Dawn DeHart. “The downtown area should benefit from the affordable housing units, as well as the cultural aspects of the art studios and galleries.”