A SPECIAL ADVERTISING INSERT Mixed-use, mixed-income solutions build
stronger communities Since 1972, Virginia Housing
has focused on opening the door to affordable housing through high-impact, creative approaches and coordinated solutions. In 2005, Virginia Housing began offering financing on mixed-use, mixed- income developments. “We believe that serving commu-
nities with a mix of incomes is good public policy, especially given that there are not many developments catering to middle income, or work- force tenants,” says Pat Carey, Virginia Housing Chief of Programs and Chief Financial Officer. “Today’s renters are making deliberate decisions to live in mixed-use, mixed-income properties.” Heather Crislip, President and CEO of
HOME (Housing Opportunities Made Equal Inc.), Virginia’s private fair hous- ing organization, also sees the benefits. “We think it is really important to inte- grate through mixed-income housing and neighborhoods,” she says. “We think it needs to be done in areas that don’t already have a high concentra- tion of mixed-income.”
We believe that serving communities with a mix of incomes is good public policy, especially given that there are not many developments catering to middle income, or workforce, tenants.” – Pat Carey, Chief of Programs and Chief Financial Officer, Virginia Housing
Promising examples In recent years, Virginia Housing
has financed many mixed-income developments in cities and towns throughout the Commonwealth. Building a community that is wel-
coming and inclusive, and respects the diversity of the neighborhood, is important to Richmond developer Margaret Freund, President of Fulton Hill Properties. It was especially key for her most recent project, Artisan Hill, in her company’s namesake neighborhood. “The wonderful thing is Virginia
Housing was able to help us make it a reality by providing a loan, with
us demonstrating that 30% of our tenants are making 80% or less of the area median income (AMI),” Freund says. “It’s the first time I’ve done a project with Virginia Housing, and I didn’t know what to expect, but they were extremely helpful along the way. It was like having a partner rather than a lender.” Artisan Hill, located in the historic
Fulton area east of downtown, includes two new six-story apart- ment buildings and the renovation of a former elementary school into living and artists’ studio space. Just minutes from the Virginia Capital Trail and the James River, Artisan Hill attracts a wide diversity of tenants. “Empty nesters, older working
single people, single dads, a lot of young professionals,” Freund says. “This is a great part of town, really convenient to the city but has quite a bit more greenspace. It’s urban living with nature at your doorstep.”
New oceanfront housing Quality, affordable apartments will
Quality, affordable apartments are coming soon to Virginia Beach’s oceanfront. 27 Atlantic, a high-rise being developed by 27 Atlantic, LLC and Virginia Beach-based Armada Hoffler, with financing by Virginia Housing, will have a mix of units, including cohousing reserved for those earning less than $55,000 a year, and will help provide workforce housing.
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VirginiaHousing.com | September 2020
be coming soon to Virginia Beach’s oceanfront. 27 Atlantic, a high-rise being developed by 27 Atlantic, LLC and Virginia Beach-based Armada Hoffler, with financing by Virginia Housing, will have cohousing and studio apartments reserved for those
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