Mecklenburg Manor will offer safe, quality homes for families in South Hill, Va.
Advantage Capital, a leading impact investment firm that invests in expanding access to affordable homes across the country, today announced the financial closing of one of the first investments under the Virginia Housing Opportunity Tax Credit (HOTC) program, which is designed to spur stable housing availability in the state as the cost of living continues to climb across the country.
“The legislation to increase access to affordable homes for Virginians is an incredibly important and impactful policy,” said Delegate Tommy Wright, Virginia House of Delegates. “I am appreciative for my colleagues, investors, developers and all involved for their commitment to addressing rising rents in our communities.”
Advantage Capital, which supported and actively advocated for the HOTC program alongside other organizations and entities, is eager to help housing developers deliver on the ambitious and essential projects that can now be pursued due to the state low-income housing tax credit program.
“We have invested in affordable housing developments across the country, supporting more than 9,000 housing units for low-income families and are particularly excited about making our first investment in Virginia under the HOTC program,” said William Fiederlein, Vice President at Advantage Capital and Business Development lead in Virginia. “Work is well underway to do what we do best – funnel flexible investment capital to the people and places that need it most.”
Partnering with Gateway Development Associates and NFP Affordable Housing Corp. to develop the project, Advantage Capital will help finance the rehabilitation of Mecklenburg Manor, a 51-unit property in South Hill, Virginia, a rural town 80 miles south of Richmond. The development will modernize one-, two- and three-bedroom units within seven buildings to households earning between 40- and 60-percent of the area median income (AMI).
Advantage Capital participates in state and federal tax credit programs to help finance housing developments and increase access to safe, high-quality, and affordable homes for low-income families, veterans, public service workers, and other vulnerable populations in America.
About Advantage Capital
Advantage Capital is an impact investment firm that provides financing to established and emerging companies located in communities underserved by conventional sources of capital. Since 1992, the firm has invested more than $4.2 billion in companies from a diverse array of industry sectors and has helped support more than 67,000 jobs. The firm also invests with intention in affordable housing developments and renewable energy solutions to grow economies and communities. Learn more at Advantagecap.com.
Advantage Capital is an Investment Adviser registered with the U.S. Securities & Exchange Commission. Such registration, however, does not imply a certain level of skill or training. This release has been prepared for informational purposes and to announce a prior event, and nothing herein should be construed as an offer of investment advisory services or as an offer to sell or a solicitation of an offer to purchase any securities or investment product. All offers of investment interests in any fund or investment vehicle managed directly or indirectly by Advantage Capital are and will be made only to qualified prospective investors pursuant to separate and definitive offering and subscription documents in accordance with applicable federal and state securities laws. Advantage Capital is an equal opportunity provider. |
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Contacts
Advantage Capital
Jeff Grass, Vice President, Communications
jgrass@advantagecap.com
Advantage Capital
Joe Stosberg, Communications
jstosberg@advantagecap.com
