A Virginia nonprofit, Better Housing Organization is a leader in community revitalization and collaboration with local residents, government, and agencies to create positive and sustainable change. Since 1988, BHC has invested a total of $200 million into Greater Richmond. BHC will use its NMTC funding to develop 20 units of the Armstrong Renaissance Project—a large-scale redevelopment of the former Armstrong High School located in north Church Hill. In 2015, the Richmond City Council adopted a plan authorizing the redevelopment of the site to include up to 300 residential units, a large community building, and expansive open space.

Now in the final phase of the redevelopment, BHC is focused on developing 36 for-sale homes—20 of which will be funded by this loan. The vision for the community is to create a mixed-income development with a range of price points for buyers between 60% and 120% AMI. The project also will have homes specifically reserved for first-time homebuyers at or below 80% AMI, who will receive $15,000 in downpayment assistance and closing costs. Church Hill is one of the oldest residential neighborhoods in Richmond and it has faced fast-paced gentrification throughout the past decade. The neighborhood experienced great economic disinvestment during the period of desegregation. Vacant and abandoned properties have started attracting investors and new residents, increasing property prices, and threatening housing stability for long-time residents.

The development of Armstrong Renaissance will ensure that affordable for-sale homes remain an option in Church Hill.