With rents rising apace, a local nonprofit hopes to bring affordable housing to Richmond’s hottest neighborhood: Scott’s Addition!
The Better Housing Coalition last week bought the Quality Inn & Suites building at 3200 W. Broad St. in Scott’s Addition for $5.9 million. The nonprofit’s plans call for a $30 million conversion of the property into a mixed-income, mixed-use property in Scott’s Addition.
Upon completion, the development would be BHC’s largest single investment in the city in the nonprofit’s 28-year history, according to a release announcing the plans. Construction is expected to begin summer 2017.
“Over the next nine months to a year, we look forward to working with the city, the community and our investment partners to make this development in this strategic community of opportunity come alive,” Greta Harris, BHC’s president and CEO, said in the release. Read the rest of the story, here!
Better Housing Coalition is driven by respect for residents, sustaining the environment and preserving neighborhood character. Their portfolio includes 16 residential communities – 8 for lower-income seniors – as well as 180 single-family homes for low- to moderate-income first-time buyers. Founded in 1988 by Richmond-area civic leaders Mary Tyler McClenahan and Carter McDowell, the Better Housing Coalition combines long-term solutions in affordable housing with ongoing support services for residents. They help seniors age in place, help children aspire to higher education, and help adults gain self-sufficiency. As a leader in community revitalization, their award-winning organization works with residents, local governments and agencies, other non-profits and the philanthropic community to create lasting change for the better.