Details
Type: Family Acq/Rehab
Location: Rich Creek, VA
Year Developed: 2006
Status: Complete
Units: 42
TDC: $2.89 million
LIHTC Equity: $1.18 million
Sources of Funds:
VHDA - SPARC Loan & 9% LIHTC
USDA-Rural Development - Section 515 Direct Loan
Project Team
General Contractor Burwill Construction Architect AES Architect Equity Investor Michel Associates Management Severn Management Company Developer Edwards & Layfield Development CompanyDescription
Gateway Village is an acquisition and moderate rehabilitation of an existing 42 unit USDA Rural Development community that was originally built in the 1980s. The project underwent a rehabilitation in 2005 with a focus on bringing residents updated amenities and a modern building design. Just off the New River, residents can take advantage of a host of dining and shopping opportunities nearby.
