Ruffin Road Apartments has undergone a $3.5 million substantial rehabilitation which was completed in April 2006. Homes for America and Osprey Property Company were awarded over $4.4 million in low income housing tax credits in 2004 to assist with the project located in Richmond, Henrico County, Virginia.
The partnership purchased the property for $2.7 million and has spent over $36,000 per unit on renovations. Total development costs are nearly $7.3 million.
The community consists of 102 units in 14 buildings. Renovations include new kitchens and bathrooms, paint and carpeting, central heat and air units, new siding and windows and the addition of a second bathroom in the three-bedroom units. A 1200 square foot community center hosts a computer lab, kitchen and bathroom facilities.
The project targets families with incomes that fall within the 30% to 60% of Area Median Income. After the renovations were completed, rents for one bedroom apartments range from $479 to $598. Two bedrooms range from $574 to $718 and three bedrooms range from $664 to $829.
In additon to the $4.4 million in tax credits, other project financing includes: $2.05 million from VHDA; $765,000 IRP loan; $500,000 HOME loan; and $500,000 AHP loan.
The development team included: Winks & Snowa, architect; Linden Contracting, general contractor; Habitat America, property manager.