Rehab of Virginia Affordable Housing Property Set
- Jun 28, 2012
By Dees Stribling, Contributing Editor
Waynesboro, Va.—Work will soon be under way on the rehabilitation of Parkway Village Apartments, a 126-unit affordable multifamily property in Waynesboro. General partners in the redevelopment are T.M. Associates Inc., based in Maryland, and Telamon Corp., a North Carolina-based nonprofit.
Parkway Village Apartments is comprised of 25 two-story garden and townhouse-style buildings featuring 28 one-bedroom, 62 two-bedroom, 28 three-bedroom and eight four-bedroom units. Once the work is complete, units will be available to families earning 50 percent or less of the area median income
Renovations will include the installation of new roofs, windows, doors and siding for the buildings. According to the partners, units will receive a wide variety of new features, such as energy-efficient split system units, water heaters, kitchen cabinets, countertops, bath fixtures, vanities, flooring, lighting and smoke detectors. The work will also involve the installation of new EnergyStar appliances, including refrigerators, dishwashers, ranges and vent hoods. Current accessibility issues will also be addressed.
Boston Capital has committed an unspecified amount of funds for the rehabilitation work, to come from the Low Income Housing Tax Credit program. “Boston Capital continues to raise and invest significant equity in the affordable multifamily market in Virginia and throughout the country,” Boston Capital vice president-acquisitions Josh Gould, tells MHN.
“In addition to producing much-needed affordable housing, every investment in an LIHTC development creates much-needed jobs, boosting local income and stimulating the economy,” Gould continues. The rehabilitation of this particular property, he says, will generate $8 million in local income and create approximately 90 jobs in the Waynesboro area. To date, Boston Capital has invested in more than 12,685 units of affordable housing in Virginia.