Foss & Company Partners with VCDC for Affordable Housing in Bristol, VA

Closing of Goodson Hills: A Step Forward in Affordable Housing



Foss & Company, a recognized leader in tax equity syndication, has announced the completion of its latest project in Bristol, Virginia. The Goodson Hills development marks a significant achievement as it consists of 23 newly built townhouse-style apartments specifically designed to meet the needs of low-income families. This initiative highlights both the pressing need for affordable housing in the region and the commitment of companies like Foss to tackle this issue head-on.

The Need for Affordable Housing



Bristol, VA, is currently facing a critical shortage of affordable housing, with nearly 900 families on the waiting list for assistance. This project comes at a crucial time and is intended to alleviate some of the pressure on the housing market. The development will not only provide housing solutions but will also enhance the overall quality of life for residents by ensuring access to decent, affordable living arrangements.

A Collaborative Effort



The completion of Goodson Hills was made possible through a partnership with the Virginia Community Development Corporation (VCDC). This nonprofit organization has a strong track record of promoting and preserving affordable housing in Virginia. Their involvement underscores the importance of collaboration in addressing community issues such as housing shortages, ensuring that resources are pooled to maximize effectiveness.

Eric Brubaker, a partner and managing director at Foss & Company, expresses optimism about the project, stating, "This project is a critical response to the pressing need for affordable housing in Bristol and reflects our commitment to impactful, community-focused investments." His remarks highlight the broader implications of such projects in fostering community wellbeing and offering sustainable solutions to housing inequity.

Financial Assistance and Benefits for Residents



Each of the 23 units within the Goodson Hills community will benefit from a Housing Assistance Payment (HAP) contract facilitated by the Bristol Redevelopment and Housing Authority (BRHA). This partnership not only ensures that the units remain affordable for low-income families but also affirms the ongoing commitment of support agencies in helping residents achieve stability and security in their lives.

Moreover, the residents will have access to the BRHA's EnVision Center, which provides a suite of resources aimed at enhancing various aspects of life including economic empowerment, educational opportunities, health and wellness initiatives, and leadership development. This holistic approach to community development is essential for creating sustainable, thriving neighborhoods.

Financial Framework of the Project



Goodson Hills stands out not only due to its social impact but also because it represents Foss & Company's inaugural investment under the Virginia Housing Opportunity Tax Credit (HOTC) program. This program offers a more extended credit stream, lasting ten years as opposed to the existing Virginia Historic Tax Credit structure. As the project evolves, it is expected that Goodson Hills will generate approximately $10,909,830 in HOTCs. This financial framework ensures that initiatives like these can be sustained in the long-term while contributing positively to the local economy.

Conclusion



The successful closing of Goodson Hills is a testament to the power of multi-sector collaboration in tackling pressing societal challenges. It serves as an example for other regions grappling with similar issues, showing that with the right partnerships and dedication, significant strides can be made toward providing affordable housing solutions. As Foss & Company and the VCDC continue to build on this momentum, more initiatives like Goodson Hills could emerge, making a lasting difference for communities in need.

In summary, the efforts taken to construct Goodson Hills reflect a growing recognition of the importance of affordable housing as a key component to improving the lives of many families. The project not only offers hope but also lays down a framework that could inspire further developments in the years to come.

Topics Consumer Products & Retail)

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