LOW-INCOME HOUSING TAX CREDIT SHOWCASE

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Low-Income Housing Tax Credit Showcase LIHTC Development Diversifies Housing in High-Income Area A Affordable housing came to a wealthy city in Virginia, despite the expectation that it wasn’t needed. Then Brook Creek Crossings Apartments–in Midlothian, Va.–was completely occupied within a month of its opening in 2014 and had an immediate 50-household waiting list. “The biggest point about this project is the fact that there’s nothing like it nearby,” said Adam Oates, group vice president of SunTrust Community Capital, which contributed a construction loan of $9.4 million and a $7.6 million investment in lowincome housing tax credits (LIHTCs). “Being able to provide some quality affordable housing in this neighborhood really fills a need.” Midlothian was ranked among the “10 Perfect Suburbs” by CNBC in 2011, just before the construction of the Brook Creek Crossings Apartments. The city is 15 miles south of Richmond in Chesterfield County, one of the wealthiest counties in the state, with a low unemployment rate and higherthan-average median income. In fact, at the time of construction, the poverty rate in the county was 6.4 percent (compared to the state’s 11.1 percent) and the median household income was $72,363 (compared to the state’s $63,636). The absence of affordable housing was disguised by the fact that many local workers commuted into Midlothian to work–a fact reflected by the fact that housing market studies had shown little or no demand for affordable housing in town. “Market [studies] say there’s no demand, but it’s because there’s no supply,” said Chris Dischinger, CEO of LDG Development, pointing out that in the retail and service industries, many workers commute from outside the city to their jobs.. The three-story Brook Creek LEAD DEVELOPER LDG DEVELOPMENT CATEGORY FAMILIES, GREEN DEVELOPMENT Crossings Apartments revealed the need and at least partially filled it. In applying for the LIHTCs, LDG Development received a 25-point boost from the state allocation committee for building in a census tract that had a poverty level of less than 10 percent. Only four applications in the Richmond funding pool were awarded LIHTCs and Brook Creek Crossings made the cut by six points. “It’s a new development in an area where there was no affordable housing,” said Jim Chandler, the director of LIHTC programs at the Virginia Housing Development Authority (VHDA). “That’s certainly something that the VHDA is trying to encourage: new developments and new units where there is a need for affordable housing.” Oates said Brooks Creek Crossing Apartments helps diversify the surrounding neighborhood’s housing stock, which includes market-rate singlefamily homes, condominiums and town homes. Proposing the apartments in the high-income neighborhood whether there was previously no affordable CONGRESSIONAL DISTRICT VIRGINIA 8TH RENTAL HOMES 70 FINANCING • $9.4 million construction loan from SunTrust Community Capital • $7.6 million in LIHTC equity from SunTrust Community Capital • $7.4 million in 9 percent low-income housing tax credits (LIHTCs) allocated by the Virginia Housing Development Authority (VHDA) • $3.9 million permanent loan from VHDA 148 Novogradac & Company LLP
Photo: Courtesy of LDG Development housing developments was a challenge. Dischinger said that the surrounding neighborhood’s homeowners association was “nervous” about the development and how it could potentially affect home values. But he said the community and planning officials helped gather support for the apartments and made sure that the design of the development fit in with the rest of the neighborhood. The rental homes at Brook Creek Crossings Apartments range from 770 square feet to 1,136 square feet. All apartments feature EarthCraft certification, the Southeast’s standard for green building. All ground-floor rental homes meet fair housing accessibility guidelines. There are one-, two- and three-bedroom apartments, each with its own dishwasher, refrigerator, stove and microwave. The community amenities include a swimming pool, club house, playground, fitness center and business center with complimentary Wi-Fi on all computers. The development is also just a mile away from nationally recognized Midlothian High School and Westchester Commons Mall. There is a pharmacy and convenient grocery stores within walking distance. It also has easy access to Route 288 and the Midlothian Turnpike, making it not only affordable, but transportationfriendly. It provides an oasis of affordable housing in an area that was previously a desert. “The big picture is that we’re providing affordable housing for residents in the Midlothian area, which is usually unaffordable,” said Dischinger. “We’re bringing housing to where people work.” ; www.novoco.com 149
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LOW-INCOME HOUSING TAX CREDIT SHOWCASE

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