Brady Square is a multi-phase project that will ultimately deliver 264 affordable housing units with two community buildings and other site amenities.
Richmond’s population has been on a steady incline for the last decade and is projected to continue growing in years to come. With more people, the demand for safe, affordable housing is high and waitlists for subsidized housing can stretch years. Brady Square, which will target households earning up to 30%, 50%, and 60% of Area Median Household Income (AMI), will help to alleviate that burden. According to the US Census Bureau, the AMI in Richmond for 2020 was $51,421.
Art Bowen, Managing Director of Rental Housing at Virginia Housing said, “Virginia Housing is proud to have partnered with Dakota Partners on all four phases of Brady Square by providing mortgage loan financing, and federal Housing Tax Credits. Brady Square will bring much-needed affordable rental housing to Richmond, and we look forward the completion of the [project].”
Dakota was among several firms that were recipients of part of the $10.3 million investment in Affordable and Special Needs Housing (ASNH) loans. Funding from the Virginia Housing Trust Fund will help finance the construction of Brady Square, Phase 1.
Completion: 2023; 2024
Total Development Costs: $55 million
Financing Partners: Bank of America, VA Housing Trust Fund, Commonwealth Catholic Charities