Affordable housing rising in Spotsy
A nonprofit that builds affordable housing has plans for a 72-unit apartment complex near Spotsylvania Regional Medical Center.
Community Housing Partners of Christiansburg last week bought an 8.2-acre plot off the U.S. 17 Bypass from the Silver Cos. for about $1.4 million. The site is near a 260-unit apartment complex called Station Square at Cosner’s Corner and the soon-to-be-built Virginia Railway Express station.
Also, the Board of Supervisors this month approved a plan for 610 apartments in the area as part of a development called Crossroads Station.
Community Housing Partners’ development will be called Overlook Terrace. The cost to develop the property at 4710 Overview Drive, including land acquisition, will be $12.8 million, said Orlando Artze, the nonprofit’s chief operating officer. Plans are for two apartment buildings—each with 36 one-, two- and three-bedroom units—and an 1,100-square-foot community room with exercise equipment and space for gatherings.
The land’s zoning designation allows apartments, so approval from the Planning Commission and Board of Supervisors isn’t required.
“This is an area that we have been looking at for a while,” Artze said “It’s an area where there’s been very significant growing demand for rental housing.”
The site was also appealing because of its proximity to the hospital and the future VRE station, he said.
The project will receive financing from the Virginia Housing Development Authority’s low-income housing tax credit program.
All tenants must fall within income limits set by the U.S. Department of Housing and Urban Development. The gross income of a family of four, for instance, cannot exceed $53,650.
“The goal there would be that the family would not be paying more than 30 percent of their income for rent,” Artze said.
Potential tenants, he said, could include teachers, firefighters and police officers. Monthly rent is scheduled to be $1,050 for the 24 three-bedroom apartments, $900 for the 36 two-bedroom units and $750 for the 12 one-bedroom apartments.
The yearlong construction is scheduled to start by the end of the year, Artze said. The complex will meet energy-efficient standards set by an organization called EarthCraft Virginia.
Community Housing Partners has another 40-unit apartment complex in Spotsylvania called Courthouse Green. The company purchased it several years ago and paid $1.8 million to renovate the complex, Artze said.
The nonprofit owns and manages a total of 5,500 apartment units—most of which are in Virginia.
Jeff Branscome: 540/374-5402