(RECAP: Alexandria has announced a program to encourage first-time home buyers to settle in the city. The effort is called the Community Homeownership Revitalization Program. The new funding program does not require repayment. Alexandria was awarded $4 million through a competitive solicitation administered by the Virginia Housing Development Authority.)
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(RECAP: Richmond-based Better Housing Coalition is launching the final phase of its 14-acre Market Square community near Jefferson Davis Highway and Alcott Road with the construction of a $9 million, 60-unit apartment building for people over 55. About $5.5 million of the project is being financed through low-income tax credit equity, while $2.8 million is coming from financing through the Virginia Housing Development Authority. The remaining balance for the project is from equity raised by the BHC.)
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(RECAP: Habitat for Humanity is plotting on using recent changes in the tax law to redevelop a 120-acre, 341-unit mobile home park in Charlottesville, Virginia, into a city within a city, complete with single-family homes, townhouses and retail. The nonprofit bought the land in 2007 and has already spent $20 million at the park to stabilize the infrastructure. The residents own the homes but not the land and have a voice in the renovation plans. To help finance the project, Habitat is exploring tax credits attached to Opportunity Zones.)
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