Standard Communities has broken ground on a development that will bring 234 affordable townhomes to Richmond, Virginia.
“My mom was a public high school teacher in Virginia, and growing up I often heard about the students in her class who were struggling,” said Joe Ouellette, chief operating officer of Standard Communities. “More often than not, the reason wasn’t the classroom at all. It was instability at home. When families can count on a quality home they can afford, kids can make the most of their education, and that opens doors for the rest of their lives. I’m excited that Joyfield Towns will give more Richmond families the opportunity to not just get by, but to thrive.”
Joyfield Towns at German School will feature three- and four-bedroom townhomes that serve households earning 50% to 60% of the area median income. A family of four in this income range earns $56,750 to $68,100 annually. Those families at the top of that income range will pay $1,653 and $1,836 for three- and four-bedroom homes, respectively. In comparison, market-rate rents average between $2,800 and $3,000.
Sixty-two homes will have project-based rental assistance through a Section 8 contract with the Richmond Redevelopment and Housing Authority (RRHA).
“A strong community starts with a safe, quality place to call home,” said Steven Nesmith, CEO of RRHA. “For too many Richmond families, finding housing they can afford remains a challenge. Joyfield Towns at German School represents the kind of partnership we need to expand housing choices, strengthen neighborhoods and create more opportunities for residents to build a stable future. RRHA’s investment of over $25,000,000 in project-based vouchers over the next 15 years will increase the housing options for eligible families needing larger-sized units.”
Residents will also have access to on-site supportive services provided by Ounce of Care.
The $88 million development is financed through a combination of federal low-income housing tax credits and tax-exempt bonds issued by RRHA. Financing partners include Citi Community Capital and U.S. Bancorp Impact Finance. The city of Richmond is also supporting the project through its Housing Trust Fund and Affordable Housing Performance Grant.
Standard Communities is one of the nation’s largest affordable housing developers, operators, and investors, with more than 200 communities across 23 states and Washington, D.C.
Joyfield Towns at German School is the company’s third community under its Joyfield Living brand that brings new construction with luxury finishes and features at a price affordable to working families.