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, will help to alleviate that burden. According to the US Census Bureau, the AMI in Richmond for 2020 was $51,421.
Phases 1 and 2, currently under construction, will include the construction of 132 units and a community building. Two subsequent phases will each deliver an additional 66 units, for a total of 264. All four phases will be comprised of one, two, and three-bedroom garden and townhome-style apartment units within two-story residential buildings.
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.