Creating affordable housing is a journey that requires foresight, persistence, and a whole lot of hard work. From the early days of securing funding to the nitty-gritty of due diligence and changes in construction material prices, every step is a piece of the puzzle. But it’s not just about checking boxes – it’s about navigating through changes, overcoming hurdles, and staying true to the vision. When the doors finally open and families and individuals move in, it’s not just a building; it’s a story of resilience, community, and making dreams a reality. These projects and collaborations have a catalytic effect that extends beyond the structures created, like Southwood Redevelopment in Charlottesville, Virginia.
The pioneering efforts of Habitat for Humanity of Charlottesville to revitalize a mobile home park over a decade ago laid the groundwork for a neighborhood-driven vision called the Southwood Redevelopment project. With the input from the existing Southwood community, the vision is to transform a mobile home park into a larger community that will ultimately be home to 1,500 residents, all while ensuring their goal of zero displacement is met. The resident-led vision will consist of a diverse housing stock, including Piedmont Housing Alliance’s Hickory Hope Apartments. In early 2024, PHA began construction on the first phase of 70 units. These newly built units will be available to families and individuals with incomes ranging from 30% to 80% of the area median income, which translates to an annual income of $25,200 to $67,000 for a two-person household as defined by HUD. Click here to learn more about affordable housing in the Charlottesville region.
Once completed, Hickory Hope apartments will add 121 affordable units and mark the entrance to the greater Southwood Redevelopment project. Bringing a project like this into fruition necessitates not only community leadership but financial organizations who believe in the mission to create affordable housing. As a partner in Hickory Hope’s financing, Locus understands the intricacies of affordable housing funding stacks while simultaneously acknowledging the viability and impact of such projects have on community. Hickory Hope Apartments will provide opportunities beyond just a place to live, its an opportunity to thrive.