Real Estate Developments

Madison Road Apartments

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Description

The subject property, known as Madison Road Apartments, is a proposed affordable multifamily development to be located at 458 N Madison Road, Orange, Virginia. The subject property is proposed to consist of 21 revenue-producing units to be constructed with an allocation of tax credits. The subject property is an open age community. March 2, 2023 The subject property is proposed to consist of 21 revenue-producing units including 1- and 2-bedroom garden apartments. A total of 3 units are proposed to be income restricted to 40% of AMI; a total of 8 units are proposed to be income restricted to 50% of AMI; a total of 10 units are proposed to be income restricted to 60% of AMI; no units are proposed to be set aside as market rate units; no units are proposed to benefit from project-based rental assistance; no units are proposed to benefit from HOME financing. The rent and income restrictions associated with the proposed allocation of tax credits will run for the next 30 years.

Project Details

Status

In Progress

Address

458 N Madison Road

City

Orange

State

VA

Zipcode

22960

Construction

Revitalization

Start Date

2/1/2024

Expected Completion Date

3/1/25

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Source(s):
VHDA
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          Sources:

          VHDA

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