EDA backs application for Buchanan Schoolhouse IRF loan to support historic redevelopment
The EDA approved a resolution allowing the Authority to apply for and execute an IRF loan for the Buchanan Schoolhouse adaptive reuse project, which developers say will include short-term rentals and nine workforce housing units and needs roughly $3.5 million in gap financing; the property is in a floodplain and will require elevation work.
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The Botetourt County Economic Development Authority unanimously approved a resolution to apply for and execute an IRF loan for the Buchanan Schoolhouse adaptive reuse project on June 26, 2026. Dominic Basile, representing the developer, described the project as a historic redevelopment comprising three buildings: one configured for short-term rentals and a commercial space with an outdoor area adjacent to the park and two buildings totaling nine workforce housing units. The Authority approved the IRF resolution and the assurance that the EDA has authority to apply for and execute the proposed program.
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