The first two phases in partnership with the Richmond Redevelopment & Housing Agency
have achieved financial closing.
The Michaels Organization, a national leader in residential real estate and the largest privately held owner of affordable housing in the country, announced today that five critical affordable housing resources in Richmond, Virginia, are set to undergo an extensive renovation following the successful financial closings of two development deals.
The two development deals -- Richmond Family 1 and Richmond Family 2 -- together comprise the Fulton, Afton, Bainbridge, Stovall and Randolph properties that will all be modernized with much-needed building upgrades to the apartments and community amenities, while ensuring affordability is preserved for the long-term. The combined $59 million revitalization encompasses 204 apartment homes.
“RRHA is excited about the positive and sustaining impact of these revitalizations not only on the families living in the small sites, but on the entire community. An important aspect of these redevelopments is they provide a new beginning in a familiar and comfortable location,” said Stacey Daniels-Fayson, interim Chief Executive Officer of The Richmond Redevelopment & Housing Agency (RRHA). The agency selected Michaels in 2018 to redevelop five family properties in two bundled deals. Michaels will also rehabilitate and preserve Richmond Senior, in an upcoming third phase of the Partnership.
“Michaels is grateful for the trust RRHA has placed in us to revitalize these communities and lift the lives of the residents who live there,” said Vice President Curtis Adams, Michaels lead developer for the revitalization.
All of the public housing set for revitalization in this development deal were built between 1971 and 1984 and have had no major rehabilitation since their original construction. Upgrades will include amenities not previously available to residents, including central air conditioning, dishwashers and washer & dryers.
The partnership between Michaels and RRHA will provide low-income residents with affordable yet high-quality housing. Richmond Family Housing, as the bundled deals are called, will be managed by Michaels and will receive social services from Better Tomorrows, a non-profit supportive services organization with a strategic partnership with Michaels Management.
Financing for the revitalization includes a combined $18.1 million in private equity raised through the sale of federal 4% low income housing tax credits and $28.2 million in construction period tax exempt bonds. Red Stone invested in the tax credits. Moseley Architects is serving as the architect and Breeden Construction is the general contractor.
About The Michaels Organization: The Michaels Organization is a national leader in residential real estate offering full-service capabilities in development, property management, construction, and finance. Serving 145,000 residents in more than 400 communities nationwide, Michaels is committed to crafting housing solutions that jumpstart education, civic engagement and neighborhood prosperity and to creating Communities That Lift Lives.
About the Richmond Redevelopment & Housing Agency: “Building Communities. Changing Lives” is the vision of the Richmond Redevelopment and Housing Authority. RRHA is Virginia’s largest public housing authority serving over 10,000 residents and managing nearly 4,000 units through the public housing program. RRHA provides subsidized housing assistance to more than 3,000 families and is a catalyst for quality affordable housing and community revitalization. For more information about RRHA programs and objectives, visit rrha.com, Facebook or Twitter.Back to News Next article