The Rosa street view
The Rosa entry
The Rosa Parking lot

744 North 2nd Street
Richmond, VA 23219
United States

Leasing
Developer

Enterprise Community Development

Richmond Redevelopment and Housing Authority

Management Company
Phone
Total Homes
72
Property Type
Senior
Investment Type
LIHTC

The Rosa

The Rosa — named after Richmond’s first Black educator, Rosa Dixon Bowser – is a 72-unit, Earthcraft Platinum-certified, age-restricted building in the Jackson Ward neighborhood of Richmond, VA.

In 2014, Enterprise Community Development (then Community Preservation & Development Corporation) partnered with the Richmond Redevelopment and Housing Authority (RRHA) to use HUD’s Rental Assistance Demonstration (RAD) program to develop new housing for the 200 residents of RRHA’s obsolete Fay Towers apartment building. The Rosa is the second of this effort’s three phases. The building shares a city block with ECD’s (Enterprise Community Development) Van de Vyver Apartment Homes and commercial space, together creating a mixed-income, mixed-use, intergenerational community.

The Rosa’s senior residents benefit from proximity to their former neighborhood while simultaneously moving closer to downtown Richmond. The site is located along bus routes and bike lanes and is just a few blocks’ walk to Richmond’s growing Bus Rapid Transit system. Residents, all of whom have incomes below 50% of Area Median Income, have easy access to downtown Richmond’s ample retail, service, recreational, and medical facilities.

The building, which is supported by project-based vouchers, is a standard bearer for high-quality affordable housing. The building was designed aging-in-place in mind; all 72 units meet Universal Design standards and nine are UFAS compliant. It was also designed to be highly amenitized, featuring on-site management and resident services offices, a fitness center, a large multi-purpose room, a business center and arts room, a lending library, and laundry rooms on each floor. The Rosa opened in the fall of 2019. 

Financing

The development team assembled the following sources to fund The Rosa’s construction ($14M total):

  • $7.6M 9% LIHTC equity from SunTrust Community Capital (now Trust)
  • $750,000 RRHA Capital Funds 
  • $4.1M taxable debt from Virginia Housing (previously Virginia Housing & Development Authority)
  • $500K Federal Home Loan Bank Atlanta’s Affordable Housing Program
  • Owner equity and deferred developer fee

 

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