July 25, 2018

How a Place to Learn Became a Place to Live

The school was built in 1909 but closed its doors in the 1970s. Converted to apartments a decade later, the building soon fell into neglect, sitting abandoned and vacant, an eyesore contributing nothing to the neighborhood’s welfare. But then VHDA joined forces with Community Preservation and Development Corporation (CPDC), and all that changed.

Today the former Highland Park High School on Richmond’s North Side is called Highland Park Senior Apartments, and it’s become a vibrant part of the community. The apartments themselves, as well as the building’s common areas, elevators and landscaping, have been fully renovated, with attention paid to restoring many of its historic features and finishes. Its 77 one-bedroom units offer an attractive and comfortable environment for low-income seniors. In fact, the complex is an important part of an ongoing effort to revitalize Highland Park and make it a safer, more economically viable neighborhood. 

VHDA’s role in this property transformation was to award Housing Credits (also known as Low-Income Housing Tax Credits) to CPDC, a Maryland-based company with a track record of success in Virginia, Washington, D.C. and its home state. The project falls under the Department of Housing and Urban Development’s Rental Assistant Demonstration (RAD) program, which allocates funds to address deferred maintenance issues in deteriorating buildings. RAD is a central part of HUD’s rental housing preservation strategy to improve, modernize and stabilize properties by giving them a solid financial foundation.

The renovation of Highland Park, made possible only through VHDA’s partnership with CPDC, received the Multifamily Renovation Project of the Year award at the 2018 Viridiant Sustainable Leadership Awards ceremony.

Learn more about Virginia properties that use federal Housing Credits (LIHTC).

No comments:

Post a Comment