Winchester Forest
VCDC is pleased to welcome Winchester Forest to our portfolio.
August 2022 - Winchester Forest is a new community that brings 160 much-needed affordable homes to an area targeted for revitalization along Route 1 in Chesterfield County, Virginia. The one- two- and three-bedroom apartments are being developed to specifically serve families making annual incomes at or below 60% of the area median income (AMI), which for this area is $60,420 or under for a family of four. Funding through the Low-Income Housing Tax Credit will help keep rents manageable, capping them at a percentage of the area median income.
VCDC has committed an investment of over $21 million dollars through our Low-Income Housing Tax Credit equity funds for the entire Winchester Forest community. The first of this type in the VCDC portfolio, this development is utilizing a hybrid approach with both 9% and 4% allocations of tax credits, with both being separately owned and operated entities. Winchester Forest 9% received its investment from VCDC’s Housing Equity Fund 25 and Winchester Forest 4% received its investment from VCDC Equity Funds 25 and 26. In addition, our lending affiliate, VCDF, provided an $800,000 loan that served as a vital revenue source for construction for the Winchester 9% portion of the community.
Winchester Forest will be an addition to the Winchester Greens campus, which is a residential community currently containing 240 multi-family homes and 234 affordable senior homes across four buildings. The campus includes an impressive range of amenities including walking trails, retail, banks, healthcare services, and a childcare center. Winchester Greens is designed to build a tight-knit mixed-use and mixed-generation community and has won awards for its approach to enriching residents’ lives.
Along with amenities at the Winchester Greens campus, residents at Winchester Forest are within a mile of restaurants, a grocery store, emergency services and other businesses. The community offers residents everything they need to feel at home, including a community clubhouse, fitness room, playground, onsite management staff, maintenance, and parking. Better Housing Coalition (BHC), the developer of Winchester Forest, is offering supportive services tailored to helping residents achieve economic, educational, and health goals.
VCDC is a long-term partner of Better Housing Coalition and has collaborated with them on five prior LIHTC communities, including Cameo Street Apartments in Jackson Ward currently under construction, and two historic projects. BHC is a Richmond-based nonprofit that has been transforming communities through affordable housing development for over 30 years.