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Virginia Community Development Corporation
William Byrd – Richmond, Virginia

This 11-story building, built in 1925 as the William Byrd Hotel, was located across the street from the Union Train station in Richmond. In 1995, a non-profit developer in partnership with a private for-profit developer converted the building into senior apartments with some ground floor businesses. The acquisition and rehabilitation of this property over twenty years later by the nonprofit Project: HOME, involved the replacement of two elevators, system upgrades, energy improvements and general renovation of 104 apartments using 4% LIHTC and federal and state Historic Tax Credits. The total development costs were $13.4 million. VCDC invested $5,613,000. The balance of funding came from local and state housing trust funds as well as tax-exempt debt from Virginia Housing Development Authority.