Enterprise Community Development told us on Monday that it has closed on financing for 1030 Alston Court, a $36 million affordable housing community that will provide housing for 96 families in Waynesboro.
This is the project that was, briefly, the focus of a generated controversy over a $500,000 grant approved by Waynesboro City Council in April.
Remember that? The person threatening to sue, the rest.
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A release from Enterprise noted that the money from the city, and an additional $300,000 from an unnamed local philanthropic partner, were both key to finalizing the financing for the project.
“Bringing an affordable housing development from concept to construction takes partners who are willing to stay at the table and find solutions,” said Janine Lind, president of Enterprise Community Development, a subsidiary of the Columbia, Md.,-based nonprofit Enterprise Community Partners.
“The support behind Alston Court speaks to a shared commitment to Waynesboro’s future and to ensuring that families at a range of incomes can continue to call this community home,” Lind said.
Enterprise Community Development was approved for a $4.4 million loan for the 1030 Alston Court project from the Affordable and Special Needs Housing program, administered by the Virginia Department of Housing and Community Development, in December.
The Alston Court project also received a $560,000 grant in July that will be administered through the Central Shenandoah Planning District Commission.
Other parts to the financing: Virginia Housing debt, federal Low-Income Housing Tax Credits, Virginia State Housing Tax Credits and more than $7 million in state subsidies.
The money on these things, obviously, is not easy to pull together.
Alston Court will help address a growing need for affordable housing in Waynesboro and the surrounding region, adding 96 new one-, two- and three-bedroom apartments for families earning between 50 percent and 60 percent of the area median income.
Sixteen apartments will be constructed in accordance with Uniform Federal Accessibility Standards, and 11 units will be set aside for households with disabilities.
“Alston Court marks a significant step forward for our city, as it paves the way for much-needed workforce housing,” Waynesboro Mayor Kenny Lee said. “The City Council has made it a top priority to foster and support initiatives that create affordable rental opportunities for our community, and the Alston Court project truly reflects that ongoing commitment. We believe that the development of workforce housing will positively impact many residents and strengthen our city’s foundation. This achievement is a testament to the dedication of everyone involved and our collective promise to provide affordable options for citizens.”
Construction of Alston Court is expected to be completed in the first quarter of 2028.
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Chris Graham
