Cool Lane Commons
VCDC is pleased to welcome Cool Lane Commons to our portfolio.
May 2022 - Cool Lane Commons is a multi-family community located in the Richmond Metro Area that meets recent high demand for affordable one-bedroom homes. Cool Lane Commons will bring life back to the community through the adaptive reuse of an assisted living building vacant since 2008. The development holds 86 units, 13 of which are fully accessible for residents with disabilities and two of which specifically support residents with sensory impairments. Cool Lane Commons is bringing homes to formerly homeless individuals and low-income residents earning 50% or less of the Area Median Income.
Cool Lane Commons is a garden-style apartment building with six studio apartments and 80 one-bedroom apartments. Residents can enjoy access to a computer lab, fitness room, and community space with a kitchen. The building contains staff offices for on-site services including move-in assistance, employment training, independent living skills, crisis prevention, and community engagement. Cool Lane Commons emphasizes safety for all its community members by including an extensive security system and a staff apartment with an on-call night monitor. The Cool Lane Commons renovation is also constructed with an eco-friendly model, containing a solar power system to reduce the building’s energy output. All Cool Lane homes are furnished for residents upon move-in.
VCDC invested a total of $10,723,121 for Cool Lane Commons from two equity funds: Housing Equity Fund of Virginia 24 and VCDC Equity Fund 25. Our lending affiliate, VCDF, provided Cool Lane Commons a $500,000 loan through their Affordable Housing Loan Fund. Virginia Supportive Housing (VSH), the developer of Cool Lane Commons, has a long-shared history of partnership with VCDC dating back to the Housing Equity Fund II. VSH has served Virginia properties for over 20 years by combining affordable housing with individualized case management services.
Groundbreaking at Cool Lane Commons, May 2022