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Wells Point affordable-housing plan stalls after split council votes over market-rate mix and revitalization designation
Summary
Woda Cooper Companies proposed a 51-unit mixed-use project on a four-acre site and asked the council to designate the parcel a revitalization area to increase the project's competitiveness for tax credits. Council split: it asked the developer to study adding a market-rate component but narrowly rejected the revitalization-area resolution.
Woda Cooper Companies asked Hopewell City Council for a revitalization-area designation to support a proposed mixed-use affordable housing development called Wells Point on a roughly four-acre parcel at Cousins Avenue and Old Woodlawn Street.
Greg Mustrick, vice president with Woda Cooper Companies, described the proposed project as "a mixed use development with 51 units of residential housing and around 6,000 square feet of commercial space." He said the development would include 9 one-bedroom units, 32 two-bedroom units and 12 three-bedroom units, and that rents and income restrictions would be enforced under the Low-Income Housing Tax Credit (LIHTC) program for households earning roughly 30% to 80% of area median income.
Mustrick told the council the project would be financed in…
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