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Virginia Non-Profit Seeks $115,000 for Duplex Rehab and Permanent Financing

Asset ClassMulti-Family Housing
CityHampton, VA
Financing TypeRehab and Permanent Financing
Interest Areas
Program Related Investment

Virginia Housing and Community Development Corporation (VHCDC) seeks a commercial loan in the amount of $115,000 to facilitate the rehabilitation of a 1,794 square foot, 4 bedroom, 2 bath duplex. Upon completion of the rehabilitation of the home, the loan to value (LTV) is estimated to be less than 75%. The project is located in the the City of Hampton, VA in close proximity to Hampton University and the Hampton VA Medical Center.

VHCDC intends to rehabilitate and upgrade the property for rental to local veterans and Hampton University students. This project furthers VHCDC's Neighborhood Revitalization Program – an initiative aimed at reclaiming neighborhoods in Hampton Roads blighted by deteriorating structures, abandoned properties, and dumping grounds and converting them into stable, vibrant communities with next-generation housing. The units are located in a CDFI Program Investment Area. 

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