**VCDC is pleased to welcome The Planet Apartments to our portfolio.**

with Better Housing Coalition

March 2022 - The Planet Apartments is a community in the historic Jackson Ward neighborhood in Richmond, VA, that is offering 67 new homes to low-income families in need of affordable housing. Twelve homes in The Planet Apartments accommodate residents with disabilities, and 18% percent of the homes at The Planet Apartments provide permanent housing for low-income individuals and families who are homeless, at-risk of homelessness, or have barriers to independent living.

Situated in the Jackson Ward District, the new apartments are in an area of the city with a fast-growing market, offering residents extensive employment opportunities. The community is also within walking distance of public transportation options, local services, and shops. The Planet amenities include a playground and outdoor sitting area, a third floor terrace, a spacious community room to encourage neighborly engagement, a bike storage room, and a social work office. Better Housing Coalition, the developer of The Planet Apartments, will offer resident services including independent living skills, education, and community support. The Planet Apartments guarantees energy-efficiency and high indoor air quality to provide residents with safe and eco-friendly homes.

VCDC invested over $9,500,000 in LIHTC equity for The Planet Apartments through the Housing Equity Fund of Virginia 24. VCDC is partnering with Better Housing Coalition (BHC), a Virginia-based nonprofit organization, to assist in developing the community. BHC has 30 years of experience in the housing industry, guided by a mission to transform lives through the development of affordable housing. The organization has built up 1,500 homes in 19 developments; 15 of these developments used Low Income Housing Tax Credits including investments from VCDC equity funds.