RICHMOND, Va. (WRIC) — City leaders cut the ribbon on a project to revitalize multiple properties on Afton Avenue in Richmond. The buildings used to be managed by the Richmond Redevelopment and Housing Authority but are now run by The Michaels Organization.
The homes will still be tailored towards offering low-income residents an affordable place to live. The new managing organization will partner with a non-profit called Better Tomorrows to provide social services for residents.
The restoration project will significantly modernize the properties, most of which haven’t been updated since the 1970s and 1980s. New additions to the units include central air conditioning, dishwashers and washer and dryers.
The project will cost $59 million. The funding comes from a combination of private equity awarded by Virginia Housing, bonds and the RRHA.
RRHA chose The Michaels Organization to “redevelop the five family properties in two bundled deals” back in 2018.
“The residents of these communities deserve an exceptional living environment to call home and raise their families. With this public-private partnership, we will achieve that goal,” said Stacey Daniels-Fayson, Interim Chief Executive Officer of RRHA.