RICHMOND, VA— Richmond Redevelopment and Housing Authority (RRHA) in collaboration with developer, The Community Builders (TCB), announces the financial closing and upcoming construction of Phase B of the Creighton Court redevelopment. This pivotal phase involves the construction of 72 units, 18 of which will be Project Based Voucher (PBV) units as well as an additional 54 units that will be available to individuals and/or families whose total household income is between 50%-60% of the Area Median Income. This closing, which took place September 23, 2024, comes just nine months after closing on Creighton Phase A, which is approximately 60% complete with leasing anticipated in February 2025. These two project phases are a significant step in the revitalization of one of Richmond’s oldest public housing communities located in the east end of the city.
RRHA CEO Steven Nesmith said, “This is a great day for the City of Richmond, and with the developer TCB, and other key partners, we are actively contributing to a brighter future for Richmonders. Access to affordable housing for RRHA residents is the catalyst that our communities need to elevate families into the middle class. Creighton is just the beginning.”
“The start of Creighton Court Phase B is a significant milestone in reshaping Richmond’s east end with new investment and opportunity. It’s a testament to TCB’s commitment to building more than just structures, but an inclusive community where all families and children can thrive,” said Juan Powell, TCB Senior Vice President of Real Estate Development, Mid-Atlantic.
Permanent financing for construction comes from Virginia Housing. The Low-Income Housing Tax Credit (LIHTC) investor is Boston Financial Investment Management (BFIM), who is receiving a four percent tax credit, a 30 percent subsidy, financed by tax exempt bonds. Bridge lending comes from LOCUS. Soft funding and project-based vouchers are from RRHA. Other funding support comes from the City of Richmond, and the Virginia Department of Housing and Community Development (DHCD). New Hope Community Capital inclusive of Capital Magnet Funds is responsible for predevelopment. The general contractor is Richmond, VA. based KBS Building Services,. The architect is Winks Snowa Architects.
For more information and updates about the Creighton Court Transformation, visit the website or call the Information line at (804) 780-4343 or email CreightonRedevelopment@gmail.com. You will receive a reply within 48 hours.