The Humanities Foundation has been awarded three developments in Virginia with a combined cost of more than $47 million.
It is the most that the Foundation has been awarded in any single year. The deals were funded via Low Income Housing Tax Credits administered by the Virginia Housing Development Authority. Humanities received the most tax credits of any developer in Virginia.
“Once these developments are completed, we will have 11 affordable communities in Virginia. This represents a tipping point for us; we will start experiencing economies of scale and property management will become more efficient,” said Tracy Doran, president of Humanities Foundation. “Our Virginia strategy is really coming together.”
The three awarded deals are: Glenwood Ridge, an 82-unit community for families in Richmond, VA; Keswick Senior Apartments, a 100-unit development for seniors in Fredericksburg, VA and Keswick Apartments, a 120-unit community for families that is also located in Fredericksburg.
Once completed, Keswick Apartments will be the largest apartment community developed by Humanities Foundation. Keswick Apartments and Glenwood Ridge will be joint ventures with James Doran Company.
All of the apartments will be Earthcraft Platinum Certified. Keswick Apartments and Glenwood Ridge will consist of a mix of one, two, and three bedroom units. Keswick Senior apartments will be a mix of one and two bedroom units. All apartments will be situated near a wide variety of services and area amenities.
As usual, a customized program of resident services will be put in place to enhance the lives of all residents of these new communities. Possible resident initiatives may include educational seminars, after- school programs, transportation, recreational activities, and food pantries.
Resident amenities will include playgrounds for the family properties and a meeting room, computer center, fitness center, central laundry facility for all three apartment communities. Unit amenities include ceiling fans, dishwashers, garbage disposals, high – efficiency water heaters and washer/dryer hookups.
Construction will begin in early 2017 and will take 13-15 months to complete.
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