Housing Authority partners with Enterprise for major multifamily and senior projects

The Harrisonburg Redevelopment and Housing Authority (HRHA) made significant strides in its recent meeting, focusing on the development of new housing projects that aim to address the community's growing need for affordable living options. The authority is moving forward with plans for 83 multifamily units and 63 senior housing units, which are expected to enhance the local housing landscape.

A key discussion point was the financing structure for these projects, which includes a mix of 9% and 4% tax credit deals. The authority noted that the current market conditions have led to lower pricing on tax credits, with recent deals yielding 77 cents and 85 cents per dollar, respectively. This is a decrease compared to previous projects, highlighting the impact of proposed tax cuts on funding availability.

The HRHA is also exploring a partnership with Enterprise Community Partners, a new collaborator for the authority. This partnership is seen as a promising opportunity to secure necessary funding and support for the housing initiatives. The authority expressed optimism about this collaboration, especially given Enterprise's strong credentials and experience in community development.

In addition to housing development, the meeting touched on the importance of finalizing infrastructure financing through United Bank, which is crucial for moving forward with construction. The authority anticipates that if all goes well, construction could begin this fall, potentially providing much-needed housing options for residents.

The meeting also included plans for the HRHA's 70th anniversary celebration, scheduled for December 6, which will recognize the agency's contributions to the community and its partnerships over the years. The authority aims to invite past commissioners and local stakeholders to celebrate the progress made in housing development.

Overall, the HRHA's recent discussions reflect a proactive approach to addressing housing needs in Harrisonburg, with a focus on collaboration and community engagement. As the authority navigates the complexities of funding and development, the outcomes of these initiatives will be closely watched by residents and local leaders alike.