CHESTERFIELD COUNTY, Va. (WRIC) — Chesterfield County has endorsed a public investment in much-needed affordable housing on Route 1, clearing the way for construction to begin on the 112-unit apartment complex.
The money is not, however, coming from county coffers. The $700,000 loan is instead coming from a state program approved by former governor Ralph Northam last year.
The project, called Lambert Landing II, will receive the state funds in exchange for a guarantee that at least 20% of the apartments will be leased to families making less than $80,000 a year, or to single people making less than $56,000 a year.
Although the funding comes from the state, the county was still required to endorse the project before the funding could be sent. In their resolution, the county wrote that “private enterprise and investment are not reasonably expected, without assistance, to produce the construction or rehabilitation of decent, safe and sanitary housing.”
The complex will be built in two phases, with the second phase being the target of the public funding. Woda Cooper Companies, the developer, will first build 48 2-bedroom and 16 3-bedroom units, before moving on to the second phase with 40 2-bedroom and 8 3-bedroom units.
The developer previously worked on a 68-unit affordable housing project in Hopewell called Freedman Point, which opened in 2019.