Henrico County officials today joined residents and the new owners of Hope Village Apartments for a ribbon-cutting ceremony to celebrate more than $5 million in renovations to the 100-unit, federally subsidized community in Glen Allen.
Fairstead Affordable bought Hope Village last year and initiated the most extensive improvements ever made at the community, where rents are subsidized through the federal Housing Choice Voucher Program. The upgrades include roof replacements, new HardiePlank siding, HVAC systems, LED lighting, kitchen cabinetry, flooring, bathroom fixtures and EnergyStar appliances. In addition, improvements were made to the playground and community building, and several units were updated to meet federal standards for accessibility.
“Every person deserves a home that is comfortable, clean and safe,” said Supervisor Frank J. Thornton, of the Fairfield District. “With these renovations, residents of Hope Village won’t have to worry about appliances that are unreliable or inefficient. They won’t have to live with damaged walls, doors and floors. They won’t come home in the dark because of poor exterior lighting. These improvements truly make a difference. They bring the hope back to Hope Village.”
Fairstead Affordable included renovation costs in its $14 million financing through the Suffolk Redevelopment and Housing Authority. As part of its support for the tax-exempt financing, Henrico worked with the company to outline what improvements would be made. Built in 1973, Hope Village is the first federally subsidized apartment community in Henrico improved through a memorandum of understanding with the county. Henrico has since formalized similar agreements for the Henrico Arms, St. Luke and Newbridge Village communities.
“Fairstead Affordable successfully completed the renovation of Hope Village and exceeded the initial scope goals, investing over $50,000 per unit to improve the living quality of Hope Village housing,” said Bobby Byrd, a vice president with the company. “The Fairstead Affordable project was made possible through the investor partnership of SunTrust Bank and support from Henrico County officials, Suffolk Redevelopment and Housing Authority and Virginia Housing and Development Authority. This investment raises the quality of affordable housing and preserves affordable living in Henrico County for generations of families.”