Holly Court Apartments
VCDC is pleased to welcome Holly Court Apartments to our portfolio.
Holly Court Apartments is a community in Kilmarnock, Virginia with 40 affordable homes dedicated to senior citizens. Holly Court will be renovated to improve individual apartments homes, building facilities, a community room, and more. The community will offer a range of engaging perks for residents, including outdoor picnic areas, a large community space, and routine social and recreational activities such as holiday parties and bingo nights. Holly Court also offers residents skill-building, healthy living, and self-sufficiency programs to support residents. New renovations will prioritize energy efficiency and resident comfort with modern amenities.
Additional amenities that will be included in new renovations are new kitchen appliances and features, roofing, flooring, gutters, cabinets, countertops, faucets, showerheads and toilets, replacements of hot water heaters, and installation of new HVAC systems.
Holly Court Apartments features three separate brick buildings with apartment homes, and also contains a community room, leasing office and laundry room. Holly Court reserves all 40 apartments for seniors making 50% of the Area Median Income (AMI), and five apartments will specifically bring homes to seniors making 40% of the AMI. This baseline will ensure that no resident will spend more than 30% of their income on their housing, which includes rent and utilities.
VCDC has invested a total of $2,295,893 in LIHTC Equity through our VCDC Equity Fund 26 towards Holly Court Apartments renovations. We worked with long-time partner and developer Community Housing Partners Corporation (CHP) on the rehabilitation of Holly Court Apartments. CHP is a nonprofit based in Christiansburg, VA, and has developed over 2,000 single family homes and 5,000 multi-family affordable homes designed for low-income individuals across four states. VCDC has collaborated with CHP on 45 affordable properties over the years.