Church of the Resurrection project receives $2.3 million in tax credits

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Church of the Resurrection leaders plan to build affordable housing units and a new church (Photo Credit: Missy Schrott)
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By Missy Schrott | mschrott@alextimes.com

The Episcopal Church of the Resurrection’s affordable housing project, named “The Spire,” won $2.3 million in 9 percent low-income housing tax credits from the Virginia Housing Development Authority, the church announced Wednesday.

City council approved the project, a collaboration between nonprofit developer AHC Inc. and the church, in January. They applied to for the credits in March.

Now that the tax credits, which will generate about $22 million in equity over 10 years, have been approved, the project has all of the funding it needs to continue.

The $46 million project will include a mix of one, two- and three-bedroom apartments for residents who make between 40 and 60 percent of the area median income. The Spire will have a total of 113 units.

Construction is expected to start in 2019, with doors opening for new residents in 2021.

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