On May 3rd, 2019, the Petersburg Redevelopment and Housing Authority (PRHA) was able to secure and close on the funding of a $11 Million-Dollar renovation of an ten (10) story senior high-rise development located in downtown Petersburg. The majority of the financing is being provided by Virginia Housing Development Authority (VHDA) via 4% Low-Income Housing Tax Credits, Tax-Exempt Bonds proceeds and Grant Funds. Other funding includes Department of Housing and Community Development (DHCD) HOME funds, Virginia Community Development Corporation (VCDC) equity, Housing and Urban Development (HUD) operating subsidies, City of Petersburg Community Development Block Grant (CDBG) along with Access National Bank construction loan.
Sycamore Towers Apartments Project consist of the renovation of an existing One Hundred (100) unit development that will provide affordable rental housing for seniors age 55 and above. All One Hundred (100) units will serve families with incomes at or below 60% AMI. The renovation will include new elevators, flooring, kitchen cabinets, roofing, electrical, plumbing, lighting, fire and intrusion alarms, HVAC, etc.
The Sycamore Towers project is part of the HUD Rental Assistance Demonstration Program (RAD) which allows public housing developments the opportunity to convert to private ownership utilizing both private and public resources for the renovation/construction of the development.
Comments are closed.