Standard Communities, one of the nation’s largest and fasting growing affordable housing investors, developers and operators, broke ground today on Joyfield Towns at German School, an $88 million development that will deliver 234 affordable three- and four-bedroom townhomes to South Richmond. Joyfield Towns at German School is the third Joyfield Living community to bring brand-new construction with luxury finishes and fixtures at a price that working families can afford.
The development brings together federal resources, private investment, and local support to serve households earning 50%–60% of area median income that for a four-person household represents a family earning between $56,750 and $68,100 a year. Those families at the top of that income range will be paying $1,653 and $1,836 for 3- and 4-BRs respectively, compared to area market-rate rents for a similar community that averages $2,800 and $3,000 for 3- and 4-BRs, respectively.
“My mom was a public high school teacher in Virginia, and growing up I often heard about the students in her class who were struggling,” said Joe Ouellette, Chief Operating Officer of Standard Communities. “More often than not, the reason wasn’t the classroom at all. It was instability at home. When families can count on a quality home they can afford, kids can make the most of their education, and that opens doors for the rest of their lives. I’m excited that Joyfield Towns will give more Richmond families the opportunity to not just get by, but to thrive.”
“I’m excited for this intentional project that will bring affordability for the residents of the 9th district,” said Richmond City Councilmember Nicole Jones. “It’s how we keep our community whole. Projects designed with residents in mind will give families a dignified place to call home.”
“A strong community starts with a safe, quality place to call home,” said Steven Nesmith, Chief Executive Officer of the Richmond Redevelopment and Housing Authority. “For too many Richmond families, finding housing they can afford remains a challenge. Joyfield Towns at German School represents the kind of partnership we need to expand housing choices, strengthen neighborhoods and create more opportunities for residents to build a stable future. RRHA’s investment of over $25,000,000 in Project-Based Vouchers over the next 15 years will increase the housing options for eligible families needing larger sized units.”
Joyfield Towns is located at 250 E German School Road and will offer families the space and amenities of a thoughtfully planned neighborhood, including a clubhouse, community gathering space, playground, and dog park. Residents will also have access to on-site supportive services provided by Ounce of Care.
The community will include 62 homes with project-based rental assistance through a Section 8 contract with the Richmond Redevelopment and Housing Authority (RRHA). The development is financed through a combination of federal Low-Income Housing Tax Credits, tax-exempt bonds issued by RRHA, and financing from Citibank and U.S. Bank. The City of Richmond is also supporting the project through its Housing Trust Fund and Affordable Housing Performance Grant.
“Developments like Joyfield Towns at German School demonstrate what is possible when public and private partners come together around a shared goal,” said Feras Qumseya, Chief Development Officer at Standard Communities. “By bringing together innovative financing, strong local partnerships and an efficient development model, we can deliver the quality housing that working families need. We’re proud to invest in South Richmond and help create more opportunities for families to put down roots.”
Virginia Deputy Secretary of Commerce and Trade Stewart Ackerly, Richmond City Councilmember Nicole Jones and project partners joined Standard Communities leadership for today’s groundbreaking ceremony. Construction is already underway, with completion expected in approximately 23 months.
About Standard Communities
Standard Communities is a national affordable housing investment, development, and operations platform with approximately $7 billion in assets under management, nearly 30,000 units, and over 200 communities across 22 states and Washington, D.C. For more information, visit standard-communities.com.
Disclosure/Disclaimer: Certain information in this release relating to project funding, financing sources, construction timelines, completion dates, unit counts and other statements are based on information available as of the date of this release and are subject to change without notice, including as a result of construction conditions, financing or closing contingencies, regulatory approvals, or other factors beyond Standard Communities’ control. Such information is provided for the general information and is not intended for, and may not be relied upon by, any third party, including but not limited to without limitation prospective investors, lenders, tenants, purchasers, media, government officials, for any purpose. Standard Communities undertakes no obligation to update this information except as may be required by law. These statements are based on current expectations, estimates, and assumptions as of the date of this release and are subject to risks, uncertainties, and changes in circumstances — including but not limited to construction delays, permitting and regulatory approvals, weather, supply chain and labor availability, financing conditions, and other factors beyond the company’s control — that could cause actual completion dates and outcomes to differ materially from those projected or implied. No representation or warranty, express or implied, is made as to the accuracy or achievability of any projected completion date, and/or property outcomes, and readers should not place undue reliance on these statements.
View source version on businesswire.com: https://www.businesswire.com/news/home/20261020040265/en/
Media gallery
