Goodson Hills: Affordable Revitalization in Bristol, VA
VCDC is pleased to welcome Goodson Hills to our portfolio.
Goodson Hills is a new affordable housing community in Bristol, VA that will create 23 apartment homes serving low-income families. The development will be constructed on the former site of Bonham Circle, a public housing community that was demolished in 2015.
Bristol, located in rural Southwest Virginia, is in great need of affordable housing. The city has a poverty rate of 17%, and its median household income is 48%, or less than half, of the Commonwealth of Virginia. In addition, the housing supply in Bristol trends much lower than surrounding localities in Southwest Virginia — 89% of the town’s housing was built prior to 1990, 35% of which was built prior to the 1960’s (City of Bristol Annual Action Plan, 2024). These statistics demonstrate a staggering need for new, high-quality and affordable homes, and Goodson Hills will serve as an important development in the push for building more vibrant neighborhoods in Bristol.
The apartment community, which will be the first in Virginia to participate in the Department of Housing and Urban Design’s Restore-Rebuild program, will offer three-bedroom units with patios across three townhouse-style buildings. All apartment homes are designed to optimize energy efficiency and reduce utility costs for residents, while also meeting Virginia Housing’s universal design standards to ensure high-quality, accessible living spaces.
Goodson Hills is located just one block away from the developer of the property, Bristol Redevelopment and Housing Authority (BRHA). Founded in 1938, BRHA is Virginia’s second oldest housing authority. The project site is within walking distance of multiple local amenities, including the Envision Center, a resident program run by BRHA, which is less than a mile away and will be available to all Goodson Hills tenants. The Envision Center was created in 2020 and offers BRHA and neighborhood residents case management services, health and wellness services, opportunities for educational advancement, character and leadership development, and economic empowerment.
VCDC partnered with Bristol RHA to invest over $5.3 million in Low-Income Tax Credit Equity through the VCDC Equity Fund 27 to support the construction and long-term success of Goodson Hills. Goodson Hills is the first project syndicated by VCDC to receive Housing Opportunity Tax Credits, or HOTC, a 4% Tax Credit available in the state as of 2021. BRHA has developed and currently manages a strong portfolio of public housing units, in addition to the first two phases of the public housing redevelopments Sapling Grove and The Village at Oakview. VCDC provided LIHTC investments in both projects.
VCDC is proud to be a partner on this exciting new development, and we look forward to seeing Goodson Hills flourish!