September 6, 2024

Community Housing Partners (CHP), which provides affordable and sustainable housing throughout the Southeast and Mid-Atlantic, is pleased to announce it has been awarded 9% Low Income Housing Tax Credits (LIHTC) by Virginia Housing for three developments across the commonwealth. The competitive tax credits, totaling more than $18 million over the next 10 years, will support the preservation of North Fork Manor in Saltville, the construction of Legacy on Main in Blacksburg, and the expansion of Ansell Gardens in Portsmouth.

“We are incredibly grateful to Virginia Housing for awarding these crucial tax credits,” said Andy Davenport, Vice President of Real Estate Development at CHP. “This funding is essential for creating and preserving quality homes that Virginians can afford. With rising housing costs across the state, these tax credits allow us to provide stable, energy-efficient homes for families, seniors, and individuals who might otherwise struggle to find a place to live within their means.”

Davenport added that these allocations will allow CHP to leverage approximately $15 million in additional funding to support these development efforts.

North Fork Manor, located in Smyth County, will undergo substantial renovations to its 56 townhouse-style apartments. The community will offer a mix of two-, three-, and four-bedroom homes affordable to residents earning between 30% and 60% of the area median income (AMI). This development will receive more than $7.1 million in tax credits. Additional funding sources include REACH Virginia, Virginia Housing Trust Fund, National Housing Trust Fund, NeighborWorks, Capital Magnet Fund, and Housing Innovations in Energy Efficiency (HIEE) funding.

Legacy on Main in Blacksburg will create 56 new apartments in a prime location near jobs, public transportation, and amenities. The development will serve residents earning between 30% and 80% AMI, providing much-needed housing options for local workers such as teachers, police officers, and Virginia Tech employees. Legacy on Main will receive more than $1 million in additional credits, on top of the original award, as part of the 2024 application cycle. Other funding sources include REACH Virginia, Virginia Housing Trust Fund, Virginia HOME, National Housing Trust Fund, New River Valley Housing Trust Fund, Town of Blacksburg, HIEE, NeighborWorks America, and Congressionally Directed Spending.

Ansell Gardens in Portsmouth will expand with 39 new two- and three-bedroom apartments, complementing the existing 80-home community. The new homes will be available to families earning between 40% and 80% AMI. This expansion will be supported by more than $10 million in tax credits with additional financing including REACH Virginia, Virginia Housing Trust Fund, and NeighborWorks.

The 9% LIHTC program is a federal tax incentive designed to encourage private investment in affordable housing development. These highly competitive credits are awarded annually by state housing finance agencies. For developers like CHP, the tax credits provide a critical source of equity, reducing the amount of debt financing needed and allowing for lower rents that are affordable to working families and individuals.

CHP also recently announced that the Commonwealth of Virginia had awarded it $3.2 million in Affordable and Special Needs Housing loans for two of these developments.