December 26, 2014

VHDA congratulates The Warwick, a Virginia 2014 Timmy Award winner

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

The Warwick won for “Best Historic Rehab Utilizing Low-Income Housing Tax Credits (LIHTCs) – Small (Total Development Cost of $10 Million or Less)”. This development received federal tax credits administered by VHDA’s Low-Income Housing Tax Credit Program.

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.

The Warwick’s lobby conversation area
According to the NH&RA: “Community Housing Partners, a regional nonprofit based in Christiansburg, Va., acquired a vacant seven-story building in 1995, constructed as The Warwick Hotel in 1928, and turned it into 88 single-room occupancy units providing affordable permanent supportive housing for formerly homeless persons. In 2011, the nonprofit renovated the same brick structure to restore its striking original appearance, upgrade the housing units, replace the roof, enhance the offices and space for resident services, and make energy efficiency improvements. The project, designed to EarthCraft green building standards, was completed in May 2013. Architectural highlights include coffered ceilings, large square columns and beams featuring intricate plasterwork, and restoration of the original terrazzo floor in the lobby. Funding sources for the $9 million project included equity generated by federal and state historic rehabilitation tax credits and federal low-income housing tax credits, several loans, and a deferred developer fee. Virginia Community Development Corporation syndicated the tax credits.”
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