Kilmarnock Village Apartments
VCDC is proud to welcome Kilmarnock Village Apartments to our portfolio.
July 2021 - Located in the charming downtown shopping district of Kilmarnock, VA, the Kilmarnock Village Apartments is a 24-unit, 3-building housing development that has served the community since 1984. As a commercial hub of the Northern Neck of Virginia and the largest incorporated town in Lancaster County, the town of Kilmarnock has a thriving small business sector. Kilmarnock Village is central to a variety of local retail shops and restaurants and less than a mile from grocery stores, pharmacies, banks, and hospitals.
The rehabilitation of the Kilmarnock Village Apartments includes upgrades to heating and cooling systems, energy star appliances, a new roof, counters, cabinets, vanities, landscaping, exterior sidewalks, parking lot, appliances, and installing infrastructure for high speed internet. Five units will be redesigned to include accessibility features for residents with disabilities. Homes at Kilmarnock Village Apartments will continue to be subsidized through the USDA Rural Development rent subsidy program, so that no resident will pay more than 30% of their adjusted income for rent.
Project sponsor and developer, AS Squared Development, LLC, the development arm of TM Associates Management, Inc., has been the owner and manager of Kilmarnock Village Apartments since it’s creation and currently owns and manages over 13 LIHTC communities primarily based in Virginia. TM Associates has over 40 years of housing development experience, with a history of creating and preserving high quality affordable housing opportunities throughout Virginia and surrounding states.
VCDC provided $1.7 million in LIHTC equity through the Housing Equity Fund of Virginia 24, LLC to the project’s total development cost of $3.4 million.