PDC Housing Development Program Partner Spotlight: Foley Road Efficiencies

The PDC Housing Development Program, a $2 million pilot program through Virginia Housing that provides gap funds to affordable housing developers in need of additional capital, will soon reach its two-year milestone. To date, the seven developers who received an award through the program have accessed just over 50% of obligated funds, totaling more than $800,000 in grant funds utilized.

One of the seven partner projects, Foley Road Efficiencies, has made significant construction progress over the past several months. The Foley Road Efficiencies development will bring 11 efficiency rental units to the City of Harrisonburg, affordable to those at 60% AMI, in part using $350,000 in PDC Housing Development Program Funds. Framing is currently underway, and the developer recently installed electrical infrastructure with the capability to allow for Level 3 EV charging for all 11 units. The intentional use of local contractors and suppliers on this project is supporting local businesses and the community members they employ while generating tax revenue. The units will remain affordable at 60% AMI for at least 20 years, and the developer intentionally built units with a smaller footprint to encourage affordability by design over the lifespan of the building.

All units receiving funds through the PDC Housing Development Program must be complete by June 30, 2025.

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