By Missy Schrott | email@example.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.