NOON Hioaks Phase II will bring 151 affordable homes to Richmond families

VCDC is pleased to welcome NOON Hioaks Phase II to our portfolio.

With Lynx Ventures

We are excited to announce the VCDC Equity Fund 28 and 29 closing of NOON Hioaks Phase II. The project involves the new construction of high-quality, affordable homes for low-income families in Southwest Richmond. This 151-unit building, featuring one- and two-bedroom units, is part of the innovative 8-acre NOON Hioaks Community which currently offers 218 multifamily units in the Phase I property. Phase II will integrate seamlessly with the Phase I development, residents will benefit from existing infrastructure, amenities, and property management services. 

Noon Hioaks Phase II will comprise a 4-story building with all units serving families at 60% of the area median income. All apartment units will include washer and dryer hookups, central A/C and heating, internet readiness, and an abundance of onsite parking. Residents living in Phase II will have full access to the amenities offered at the next-door Phase I property including common areas, swimming pool, courtyard area with grills, dog park, fitness facilities, property management offices, clubroom, and EV chargers.  

The property is located near major roadways and a bus stop. It is within walking distance of major employers, schools, churches, restaurants, parks, retail, and two grocery stores. Additionally, the property is conveniently across the street from Chippenham Hospital. The NOON Hioaks Phase II location is ideal for working individuals and families who depend on public transportation and walkability. 

NOON Hioaks Phase II is being developed by Lynx Ventures, whose staff have developed over 30 projects between the greater Richmond and Charlottesville area, managing over 900 housing units created by the Low-Income Housing Tax Credit (LIHTC) Program. Lynx Ventures has spearheaded the larger NOON Lofts brand that NOON Hioaks Phase II will soon become a key part of. NOON-branded communities emphasize creating affordable homes and spaces that deliver the same high-quality amenities, design, and thoughtfulness brought to new high-end market rate developments. These properties incorporate modern and environmentally responsible elements that make residents want to renew their leases and take care of their homes. The brand’s ultimate goal is to ensure that residents feel proud of where they live while breaking down the social stigma of living in subsidized properties.  

VCDC will provide nearly $17 million in LIHTC equity through investments of VCDC Equity Funds to support the development and success of NOON Hioaks Phase II. This project represents a collaborative achievement of providing much needed affordable apartments to the greater Richmond community. VCDC would like to thank Lynx Ventures, Virginia Housing, Atlantic Union Bank, The City of Richmond, L.F. Jennings, Walter Parks Studios, and the investors of VCDC Equity Funds 28 and 29.