Work underway at The Townhomes at Liberty Place
Work is under way at The Townhomes at Liberty Place at Belt and Formex for a new community of 40 rental townhomes.
The townhomes will be a mix of one/two/three-bedroom units for families with incomes between 40-60% of the Area Median Income (AMI).
I’m seeing different numbers for what is the Richmond AMI. HousingForward has one set of numbers, while the DCHC has another set of numbers that takes into account household size.
VCDC provided $8,262,174 in LIHTC equity to Townhomes at Liberty Place through the VCDC Equity Fund 27, LLC. Townhomes at Liberty Place is being developed by Canterbury Enterprises, a minority owned developer based in Richmond, VA. Canterbury completed its first LIHTC development in 2015 with the development of the 40-unit Townhomes at Warwick Place I and followed with the development of the 30-unit Townhomes at Warwick Place II in 2021. Both projects received investment from VCDC equity funds and continue to operate with 100% occupancy. The principal of Canterbury, Gerald “Junior” Burr, has additional experience as a minority partner in the LIHTC development of Whittaker Place, another project with investment from VCDC’s equity funds, which converted a historic hospital designed by Black owners in the Jim Crow era into affordable housing for low-income families. Burr has over 23 years of experience in Project Management, with 15 years as President of Canterbury Enterprises.
