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Lightfoot Apartments opens in Culpeper; People Incorporated reports demand and CDFI lending expansion
Summary
People Incorporated told the board Lightfoot Apartments opened for occupancy Jan. 1, is about 60% occupied with a waiting list of more than 200, and represents roughly a $21.5 million investment; the nonprofit also highlighted CDFI lending and supportive services in the region.
Brian Phipps, president and CEO of People Incorporated of Virginia, briefed the board on the newly opened Lightfoot Apartments and the organization's broader work in Culpeper County.
Phipps said Lightfoot Apartments opened for occupancy on Jan. 1 and the total project investment is approximately $21.5 million as the organization closes out with its contractor. He said the property is about 60% occupied and that a waiting list of more than 200 households demonstrates continued local demand for affordable housing. Phipps explained eligibility follows HUD area median income (AMI) thresholds; for a family of four he cited a $69,000 maximum income limit. He also provided rent ranges set by income targeting: one-bedroom rents “about $699 to $944,” two-bedrooms “about $830 to $1,225,” and three-bedrooms in the mid-$900s to about $1,500 (rents reported in the presentation; transcript includes formatting errors that were clarified in the board presentation).
Phipps also described People Incorporated's role as a community development financial institution (CDFI), saying the nonprofit has invested more than $200 million regionally and recently was notified of an additional $45 million in new markets tax credit allocation that can support local job-creating projects. He said People Incorporated provides supportive services and a centralized intake (PeopleLink) that has already worked with more than 80 Culpeper residents, and that the organization is actively marketing small-business lending products in partnership with area SBDCs, chambers and banks.
Supervisors asked about residency restrictions and income limits; Phipps said fair-housing rules prohibit local residency requirements and reiterated application and eligibility are determined by income and HUD rules. The board thanked Phipps and invited members to a ribbon-cutting/open-house scheduled for March 25.
No board action was required; the presentation was accepted for the record.
