Piedmont Housing Alliance Gains Crucial Funding for Friendship Court Redevelopment
We are excited to announce that Piedmont Housing Alliance has received the backbone financing for the Friendship Court redevelopment. On Wednesday, June 19, the Virginia Housing Development Authority (VHDA) awarded $15,888,440 in tax credits from the U.S. Treasury Department’s Low Income Housing Tax Credit (LIHTC) program. These tax credits will enable nearly $15M in investment from an equity investor.
VHDA administers the LIHTC program for the Commonwealth. The program helps fund affordable rental housing development across the country by providing federal tax credits that are then sold to investors with large tax burdens.
With this financing in place, groundbreaking is expected in spring 2020. The LIHTC funding will be used for construction-related costs for the housing portion of Friendship Court’s Phase 1 redevelopment. It will not cover the cost of the planned onsite Early Education Center.