The VHDA Board of Commissioners ratified their final rankings for the 2019 low income housing tax credit program, a highly competitive housing tax credit program in Virginia. Lawson’s latest development project, Market Heights, placed first out of eight applications in the Tidewater MSA pool of 9% tax credit allocation rankings. This 80 unit mixed-income community located at 330 Tidewater Drive in Norfolk, was thoughtfully designed to serve renters from a wide range of income levels and will be indistinguishable from comparable market rate communities. Market Heights also includes a separate 84-unit 4% tax credit community that is being built simultaneously for a combined total of 164 units of new construction to provide essential housing during the redevelopment of the St. Paul’s area of Norfolk, as well as housing for those with developmental disabilities.
“At Lawson, we strive to positively impact the communities we serve and Market Heights is a fine example of this,” said Steve Lawson, Chairman of Lawson. “We have been working with Hope House on the design of this community to ensure residents with physical and developmental disabilities have a safe, comfortable place to live.” Market Heights meets the highest levels of accessibility, with 80 units meeting universal design requirements and 17 units meeting ADA requirements.
The two developments have a unique financing structure where Market Heights utilizes 9% tax credits, the adjacent development utilizes 4% tax credits, and both developments are in a location where equity qualifies for opportunity zone funding. Lawson continued, “this is the first location we are aware of to use all three of these development mechanisms and we look forward to developing both affordable communities within the newly minted opportunity zone.”
In addition to offering a playground, tot-lot, urban park, dog park, fitness center and non-profit community room, Market Heights will include dedicated space for Hope House, Lawson’s supportive service provider-partner.
“At Hope House, we provide support to 125 individuals with developmental disabilities, over 70 of which are in Norfolk alone. They are in desperate need of accessibility that’s just not found in the existing inclusive, walkable, affordable neighborhoods here in Norfolk. We’ve had the pleasure of working with Lawson for years to provide support to individuals in safe, affordable, and accessible housing and look forward to this new community in Norfolk,” Susan Henderson, Service & Admissions Director at Hope House Foundation.
The Market Heights community was developed with an eye towards the Downtown Norfolk 2030 plan and St. Paul’s redevelopment. It has been designed to be an eco-friendly community, meeting Norfolk’s new resiliency requirements through the EarthCraft Multifamily green building program. The design received unanimous support from Norfolk’s Architectural Review Board, Planning Commission, and City Council. Design partners include: WPA, Ray Gindroz, TS3 Architects and Timmons Group.
