December 23, 2014

VHDA congratulates The Locks, a Virginia 2014 Timmy Award winner

Congratulations to The Locks in Richmond, VA for winning its category in the 10th Annual J. Timothy Anderson Awards for Excellence in Historic Rehabilitation, known as the Timmy Awards.

The Locks won for “Best Market-Rate or Mixed-Income Residential”. This development used VHDA financing and received federal Low-Income Housing Tax Credits administered by VHDA.

Three of the repurposed industrial buildings in the Locks development
The National Housing & Rehabilitation Association (NH&RA) presents the Timmy Awards annually to honor outstanding real estate projects that involve rehabilitation of older, historic buildings primarily using federal or state Historic Rehabilitation Tax Credits.

According to the NH&RA: “Occupying 186,500 square feet, this $33 million mixed-income facility created by WVS Companies and Fountainhead Development contains 174 apartments located on a downtown site along the Haxall and Kanawha Canals. Completed in January 2013, the project involved the historic rehabilitation and adaptive re-use of four industrial buildings once used by the Reynolds Packaging Company to manufacture Reynolds Wrap aluminum foil. Before that the buildings were owned by the RJR Reynolds tobacco company. The buildings were constructed between 1895 and 1920 and used for different manufacturing activities until 2011, when the facility was shut down. The new development is close to offices, shopping, and restaurants, and the apartments feature large historic windows, stained concrete floors, and high ceilings. Half of the apartments are market-rate units and the other half are restricted to households earning no more than 80% or 120% of the area median income. Funding sources included equity generated by federal and state historic tax credits and a permanent mortgage. The federal tax credits were placed with Chevron TCI, Inc.”
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