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Bay Aging: Residences at Raleigh Park ‘shovel‑ready’ but faces multimillion‑dollar funding gap
Summary
Bay Aging and consultants told the board the workforce housing project has completed designs and is ready for construction but rising costs and pending awards leave a funding gap of several million dollars; a new VHDA pilot loan gives ‘ray of hope’ but failure of pending grants could end the project.
Bay Aging officials told the board that the Residences at Raleigh Park workforce housing project has completed design and permitting work and is ready to move to construction — but rising building costs and incomplete funding leave a multi‑million dollar financing gap.
“Plans are done. Everything is completed. So we are just waiting on funding for construction,” Alan Walker, assistant director for multifamily housing at Bay Aging, said. He and Kathy Vesley, Bay Aging’s CEO, described a…
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