New Road Community Development Group Inc. receives more than $3.6 million in State Grants

The New Road Community Development Group Inc. has received more than $3.6 million in three grants from the Virginia Department of Housing and Community Development’s Affordable and Special Needs Housing Program (ASNH).

The first is for $1,804,500 for the Legacy Plaza Rental. The Legacy Plaza Rental is the new construction of 35 units of affordable rental housing that will serve families with incomes at or below 50-60% of the area median income. Proposed financing includes 9% Low Income Housing Tax Credit. Project amenities include access to the Legacy Telehealth Program.

A second grant for $939,413 will support Legacy Phase II Homeownership Units. Legacy Phase II Homeownership is the new construction of six units of affordable single-family housing which will be sold to income-qualified families. Proposed financing includes a construction bridge loan through project completion. This project is being co-developed with two phases of rental housing on the contiguous Legacy/New Road site. 

The third and final grant is in the amount of $939,400 which will fund rental units under the Legacy Phase II project. This is the new construction of six units of affordable rental housing that will serve families with incomes at or below 60% of the area median income.

According to the Virginia Department of Housing and Community Development, all three projects will be green-build certified and meet energy efficiency performance standards.

The Affordable and Special Needs Housing Program (ASNH) combines state and federal funding sources, including HOME funds, to fund affordable housing projects throughout the commonwealth. The ASNH program is funded through a bi-annual competitive application process where applications, if approved, will be allocated one or more of the following funding sources.