Horner Run Apartments
VCDC is pleased to welcome Horner Run Apartments to our portfolio.
October 2023 — Horner Run Apartments is a new community that will create 49 affordable housing apartments designed for low-income families in the County of Chesterfield, Virginia. The site consists of one three-story building with a unit mix of 6 one-bedroom, 31 two-bedroom and 12 three-bedroom units.
Eight of the affordable apartment homes at Horner Run are designed with full accessible features for residents with disabilities, and 20 apartments will meet Virginia Housing’s Universal Design requirements to ensure safe, comfortable and accessible home features. Amenities that will be offered to households at Horner Run Apartments include a fitness center, business center, and community room. The site for Horner Run Apartments has been intentionally chosen given its proximity to a nearby commercial area and restaurants, banks, a grocery store, pharmacy, gym, urgent care, post office, shopping mall, and other businesses within a half-mile radius.
VCDC has invested a total of $7,957,915 in LIHTC Equity through our VCDC Equity Fund 26 that will assist with constructing and advising on Horner Run Apartments. We are working with long-term partner Better Housing Coalition, a lead developer of affordable housing in the Richmond region, who is serving as the developer, guarantor and managing member of Horner Run Apartments. Better Housing Coalition’s experience includes developing over 1,500 rental apartments in twenty developments. Sixteen of these properties were developed using Low-Income Housing Tax Credits, including investments from prior VCDC equity funds in Claiborne Square (Petersburg), North Oak (Richmond), Jefferson Mews (Richmond) Cary Street Preservation (Richmond), Citadel of Hope (Richmond), and most recently Winchester Forest, a joint 9% and 4% bond project located in Chesterfield that is currently under construction.