We were very pleased to learn today that BRHA made the final cut in the Virginia tax credit ranking process. We are among 5 public housing authority projects that will receive funding for projects in 2015. This is a major milestone which secures the major source of funding needed for development of The Village at Oakview project.
Next, we will be applying for a grant from the Affordable Housing Program at the Federal Home Loan Bank and will begin submitting documents to HUD to secure final approval under HUD’s Mixed Finance Program. These two steps will take another 4-5 months. Things look very positive for all of the pieces to be assembled and approved by the end of this calendar year. For more information about the project look here.