Florida Terrace
VCDC is pleased to welcome Florida Terrace to our portfolio.
with Rush Homes
July 2022 - Florida Terrace Apartments is an affordable housing community bringing 31 new homes to low-income residents in Lynchburg, VA. Florida Terrace was developed by Rush Homes, Inc., a nonprofit dedicated to providing housing for low- to mid-income individuals and families with disabilities. All the apartment homes in Florida Terrace are designed to ensure that general design features and walkways are accessible for all residents. Four of the homes in Florida Terrace are specifically set aside for residents with developmental disabilities, and eight apartments provide Permanent Supportive Housing to eight residents.
Florida Terrace’s construction aims to increase housing security in the Lynchburg area, providing a vital foundation for lower-income Lynchburg residents.
In an article for WSET Roanoke/Lynchburg, Rush Homes Executive Director Jeff Smith said, “Tenant stability is a real key factor in supporting the ability for people to thrive as best they can. And we hope that with housing being a base need, provides that foundation for stability.” According to Smith, Lynchburg is currently around 3,200 homes short of affordable housing.
Florida Terrace Apartments is a desirable place to live given the site’s great location surrounded by local services and public transportation options. The exteriors of the development include substantial brick and cement board, adding high quality and aesthetic appeal to the development. Three buildings make up the entire complex – the first, main building includes 23 apartment units along with a community room and a rental office. The other two buildings are one-story quadruplexes.
VCDC has invested a total of $4,500,000 toward the development cost of Florida Terrace Apartments through VCDC Equity Fund 26. VCDC affiliate VCDF additionally provided Florida Terrace $1,00,000 in loans through the Affordable Housing Loan Fund to assist with construction-related support. VCDC’s partner with Florida Terrace is Rush Homes, a nonprofit organization that brings housing to people with disabilities. They have extensive experience in Low Income Housing Tax Credit development creating quality affordable housing opportunities for low- and moderate-income individuals and families.