Afton Avenue Apartments
Afton Avenue Apartments brings 150 affordable homes to an area of Richmond with banks, grocery stores, hospitals, parks, and interstate access. The units will be affordable to residents making at or below 60% AMI. Collectively, residents are expected to save $245,000 annually compared to market-rate rents.
Loan Purpose: Line of Credit
Project: Affordable rental housing
Genesis Properties, Inc. (Genesis) used this line of credit to plan and finalize the development of vacant land into an affordable housing property, creating 150 affordable units under the Low-Income Housing Tax Credit (LIHTC) program.
Borrower: Genesis is a BIPOC-owned business with over 45 years of experience and over 1,400 affordable housing units in its portfolio.
Loan Details: Partners collaborated with Virginia Community Capital (VCC) to provide a non-revolving line of credit to Genesis, utilizing our GAP loan product. This partnership with VCC, a CDFI loan fund, bank and CDBA member, extends our lending relationship with the organization.