Virginia Affordable Housing News, HUD Alerts & Deals

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RRHA Ground Lease Advances $37 Million Conversion of 400 East Grace Street to Senior Housing

RRHA closed a ground lease October 14 for 400 East Grace Street, advancing a $37 million conversion of the historic downtown Richmond building into 68 affordable senior apartments with developer People Restoring Communities. The structure preserves public ownership: RRHA keeps title and a redevelopment role through its nonprofit Richmond Development Corporation while private capital executes the conversion. Secured pieces include a $1.5 million city CDBG commitment and a 4 percent LIHTC allocation through Virginia Housing; RRHA conduit bond financing is expected to close in December 2026. All 68 units will carry project-based rental subsidies. Remaining funding commitments are due by March 31, 2027, with construction projected for the second quarter of 2027. The milestones are commitments, not guarantees. Bond and equity closings must coordinate, and dates can move with market conditions and final costs.

Fairfax Housing Authority Announces $23 Million Metro-Adjacent Land Purchase Using HUD Flexibility

FCRHA announced a $23 million acquisition of two acres by Innovation Center Metro on October 13. The authority says federal funding and HUD Moving to Work flexibility enabled the off-market purchase. About 400 homes are anticipated, but the final yield, affordability mix, partner and schedule remain open. Bisnow reports an August 28 deed at $22.9 million. October 13 is the announcement date, not a verified closing date. Development will take several years. No unit applications, construction start or complete project financing were announced.

Waynesboro Alston Court Financing Closes for 96 Affordable Homes with Tax-Credit Support

Enterprise reported financing closed for Waynesboro's planned $36 million, 96-home Alston Court community on October 12. The capital stack includes Virginia Housing debt, federal and state housing tax credits and public subsidies. Earlier awards are not new October funding rounds. City support is reported at $500,000. April text describes milestone-dependent installments, not proof that every payment is complete. The April document's $250,000 philanthropic commitment differs from the October report's unnamed $300,000 contribution. The relationship remains unresolved. Homes are planned for 50-60 percent AMI, with accessibility features and disability set-asides. Completion is projected for first-quarter 2028, not current leasing.