Scattered Site and Infill Affordable Housing
1200 Melrose Avenue
FAJC was responsible for planning, financing, and initiating construction of this community of ten new homes in the 1200 block of Melrose Avenue. A $10,000 per unit CDBG subsidy was utilized to subsidize the financing gap between the cost of construction and the retail price. Initial homebuyers were offered a mix of 4.75% and 0% permanent mortgages through the Regional Loan Fund administered by the State.
The Villages at Lincoln
A HOPE VI Project
After successfully securing a HOPE VI grant of $15.1 Million, Fred Johnson served as the Project Manager for all new construction activities including 24 lease-purchase homeownership units, 30 market rate homeownership units, and 44 duplex tax credit rental units.
Federal funds were utilized to subsidize land acquisition, soft costs (i.e. professional fees), and site development costs of a cul-de-sac of eight new homes called Queens Court. Regional loan funds made the permanent mortgages affordable to the buyers. Construction is now complete.
Laney Walker Development Corporation
18-units developed in a subdivision for the Laney Walker Development Corporation (“LWDC”) in Augusta, Georgia. The LWDC, which was designated as a Community Housing and Development Organization (CHDO), initiated construction in the Summerfield East subdivision for first time buyers. Theses homes were built one block away from LWDC’s prior project, THE ARMSTRONG GALLERIA, a mixed finance commercial development. By locating the housing within walking distance of the supportive retail, LWDC was able to capitalize on its prior success and strengthen the neighborhood fabric.
Homeownership Opportunities Program
Roanoke Redevelopment and Housing Authority
FACJ administered a $1.1 Million Revolving Fund Homeownership Program, which was used to implement affordable housing throughout the City of Roanoke. Below are selected scattered site in-fill housing developed under the Homeownership Opportunities Program on behalf of the Roanoke Redevelopment and Housing Authority. Designs were patterned after existing housing stock in the neighborhood.