Spratley House: Affordable Homes for Seniors and People with Disabilities
VCDC is proud to welcome Spratley House Apartments to our portfolio.
March 2021 - Located in Newport News, Virginia, Spratley House Apartments is a 50-unit public housing development primarily serving seniors and people with disabilities. VCDC is partnering with Newport News Redevelopment and Housing Authority (NNRHA) to help finance the acquisition and rehabilitation of Spratley House.
The scope of the project includes a new roof, elevator upgrades, new high-efficiency heating and cooling systems, energy-efficient fixtures and appliances, and new flooring, cabinets, and countertops. Five units will be redesigned to include accessibility features for residents with disabilities. All of the apartments at Spratley House will be subsidized through a 20-year Housing Assistance Program contract issued by HUD, so that no resident will pay more than 30% of their adjusted income for rent.
Project sponsor and developer, NNRHA, has been the primary affordable housing provider on the Virginia peninsula for over 75 years and currently owns and manages over 1600 affordable rental housing units throughout the Newport News metropolitan area. VCDC provided $3,880,412 in LIHTC equity through the Housing Equity Fund of Virginia XXIV, LLC to the project’s total development cost of $8,928,107. Construction is expected to be complete by the end of 2021.
