Affordable Housing Project Advances in Chesapeake
- Mar 05, 2015
More affordable housing is coming to Chesapeake. The Virginian-Pilot reports that the Chesapeake City Council approved $13.5 million in tax-exempt revenue bonds for a 124-unit project planned by Marlyn Development Corp. of Virginia Beach.
Dubbed Catalina Crossing, the development will comprise a three-story building and a four-story building at 2081 S. Military Highway South, across from the city’s animal shelter. The tax-exempt bonds will be provided through the Chesapeake Redevelopment and Housing Authority
Brian Staub, Chief Financial Officer of Marlyn Development, told The Virginian-Pilot that the project will break ground after the city signs off on the site plan. He did not reveal how much his company plans to invest in the development.
Catalina Crossing will offer one-, two- and three-bedroom apartments ranging in size from 703 to 1,172 square feet and priced between $695 and $927 per month. Community amenities will include a fitness center and clubhouse. To be eligible for a unit, an individual applicant must not earn more than $29,700 per year. For a family of four, total income must not exceed $42,360.