(RECAP: Perhaps the most surprising feature of Watkins Centre Apartments is the fact that 40 apartments, or 20 percent of its 200-unit first phase, will be restricted to households making less than $66,560 a year. The restriction is necessary for developer Castle Development Partners to take part in the Virginia Housing Development Authority’s mixed-income program. “The program gives us longer-term financing and construction permitting financing that allows us to lock in interest rates when we start construction,” says Andrew McGinty, a principal at Castle. “It takes a lot of the interest rate risk out of the equation.”)

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