Staunton affordable-housing community to get rehab
An affordable housing complex at 102 Baylor St. in Staunton will see extensive renovations under its new owner, LEDIC Realty Co.
Memphis, Tennessee-based LEDIC has received a $10.1 million loan from Cleveland-based Bellwether Enterprise Real Estate Capital LLC to purchase and renovate Willow View Townhomes. The community has 110 residences, including 18 townhomes and one-story garden-style residential buildings.
Willow View is located on 11.7 acres near the Shenandoah National Park and the George Washington and Jefferson national forests. In addition to the residences, the complex includes a community building and three playgrounds.
Knoxville, Tennessee-based Empire Construction is renovating the property. The rehabilitation started in April and is set to be completed by May 2020.
The financing plan includes short-term tax-exempt bonds issued by the Staunton Redevelopment and Housing Authority, and 4% low-income housing tax credits allocated through the Virginia Housing Development Authority.