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Jackson Development begins rehabilitation after acquiring Bellevue, Calabash and Loveland; plans mixed homeownership and rental preservation
Summary
Jackson Development Company said it closed purchases in January 2025 of three affordable housing complexes and secured a $74.36M CDBG‑DR/MIT financing package with VIHFA to stabilize, renovate and preserve 315 units while offering an optional homeownership conversion track for many tenants.
Jackson Development Company representatives told the housing committee they purchased Bellevue Village, Calabash Boom Apartments and Loveland from previous owners in January 2025 and are executing a combined acquisition and rehabilitation financed through VIHFA‑administered CDBG Disaster Recovery and Mitigation loan and grant funds totaling approximately $74.36 million.
Clifford Graham said the financing allocated…
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