Project Impact
“Crescent Square represents a tremendous collaboration with public and private partners who are vested in meeting the region’s demand for supportive and affordable housing,” says Allison Bogdanovic, executive director of Virginia Supportive Housing (VSH), describing the team behind the Crescent Square Apartments in Virginia Beach, Virginia. “Local officials recognize that supportive housing is a proven and cost-effective model that works, as evidenced by the fact that 95 percent of our clients do not return to homelessness.”
Crescent Square is a community of 80 apartments serving formerly homeless and low-income individuals through the partnership of community-based non-profit and multiple jurisdictions in eastern Virginia. It is the fifth permanent supportive housing development backed by VSH and Virginia Housing Development Authority (VHDA) in Hampton Roads. VSH provides extensive on-site services to Crescent Square residents, applying their finely honed Permanent Supportive Housing model that has proven successful in preventing homelessness in several developments across Virginia.
Through the Housing Equity Fund of Virginia XVIII, L.L.C., VCDC provided $5.5 million in equity investment involving Low Income Housing and Federal Solar Tax Credits, in its seventh successful partnership with VSH. Other funding sources include the City of Virginia Beach, the City of Norfolk, VHDA, Virginia Department of Housing and Community Development, Federal Home Loan Bank of Atlanta, the Virginia Housing Trust Fund, project-based rental assistance from HUD and several private foundations.
Location:
Virginia Beach, VA
Date of Closing:
December 2014
Development Partner:
Virginia Supportive Housing
Total Units:
80
Project Cost:
$12,460,908
Private Equity Invested:
$5,560,618
