VIRGINIA BEACH, VA – Virginia Beach developer Lawson has been awarded Low Income Housing Tax Credits in the Virginia Housing 9% competitive LIHTC round for the development of phase two of Miller’s Rest Apartments in Lynchburg Virginia. The development placed first in the Balance of State LIHTC Pool.
Miller’s Rest Phase II creates 40 affordable apartments for Lynchburg families earning less than 60% AMI (Area Median Income). Five units meet Uniform Federal Accessibility Standards (UFAS) for residents with qualifying disabilities, 10 units meet Universal Design (UD) standards, and the development has been awarded 5 Project Based Vouchers (PBV) by Lynchburg Redevelopment and Housing Authority.
Miller’s Rest is an energy-efficient EarthCraft Gold certified community featuring amenities comparable to market-rate apartments including modern kitchens and bathrooms with granite countertops in all units, access to a state-of-the-art fitness center, community clubhouse with free wi-fi, handicap accessible play area, security cameras and controlled access, and bicycle storage. Lawson expects to welcome residents to Miller’s Rest Phase II in the first quarter of 2023.
The first phase of Miller’s Rest includes 80 affordable apartments with 10 units meeting UFAS Standards, 20 units meeting UD standards, and 8 PBVs. Lawson will break ground on the development in early August 2021 and expects to move residents in early 2022.
Lawson President and CEO, Carl Hardee said, “Lawson is 100% focused on providing the highest quality affordable housing to Virginia families. With Miller’s Rest we’re excited to put our decades of experience in the industry to work in Lynchburg.”
About Lawson: At Lawson, we understand that what we do – and how we do it – affects the everyday lives of people we care about. Since 1972, we’ve focused on positively impacting the communities we serve, from team members and residents to investors and business partners. We manage and own nearly 6,000 apartment units and continue to grow with approximately 1,200 units in development. Our business model provides vertical integration of development, construction, property management and asset management, which enables our team of experts to add value at every stage for our partners. When you act with integrity, focus on quality and work to find creative solutions, great things are possible. It’s how we’ve done business at Lawson for over 45 years. For more information, visit www.lawsoncompanies.com
About Virginia Housing: When homes are affordable and accessible to jobs, good schools and transportation, everyone benefits. Individual lives are improved and communities as a whole grow stronger. Virginia Housing was created in 1972 by the General Assembly to help Virginians attain quality, affordable housing. We carry out this mission by working in public-private partnerships with local governments, community service organizations, lenders, Realtors, developers and many others. We provide mortgages for first-time homebuyers, as well as financing for apartment communities and neighborhood revitalization efforts. We offer free homebuyer classes, support housing counseling, and help people with disabilities and the elderly make their homes more livable. We also administer the federal Housing Choice Voucher and Housing Credit programs in Virginia. Virginia Housing is self-supporting and receives no state taxpayer dollars to fund our programs. Instead, we raise money in the capital markets, and we contribute a significant portion of our net revenues each year to help meet Virginia’s most difficult housing needs. www.virginiahousing.com
About Lynchburg Redevelopment & Housing Authority: LRHA’s mission is to maximize housing opportunities by being a leader in community redevelopment, by revitalizing neighborhoods, and by promoting economic growth and development through collaborating with organizations and the greater community to achieve clean, comfortable, attractive, affordable housing maintained in a manner that fosters pride and dignity. Learn more at www.lynchburghousing.org