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Fulton, welcome to Tiki-town.
Former New York Giants running back Tiki Barber will redevelop Woodcroft Village, a 250-unit apartment complex at the corner of Jennie Scher and Government roads in the East End neighborhood.
Earlier this month, the state awarded $2.2 million in low-income housing tax credits to Barber. In return, Barber's firm, Tiki Ventures LLC, and its partner, New York City-based Related Affordable, pledge to keep the rent in the government-prescribed "affordable" bracket for the next 50 years, says Joanna Rose, a Related spokeswoman. They plan to close on the developments either late this year or early next year, she says.
Credits are awarded on a competitive, points-based system. Barber beat out the Richmond Redevelopment & Housing Authority, which hoped to use the state money to help revitalize the Dove Court public housing complex in the city's Highland Park. The Virginia Housing Development Authority awarded $1.21 million of the $1.7 million designated for the Richmond area to Barber's firm, which received an additional $1 million in tax credits for similar projects in Roanoke and Danville.
After relocating tenants from the 30 or so units that remain occupied, the housing authority plans to begin demolishing the Dove Court complex late this summer. Housing authority officials didn't respond to requests for comment.
Rachel Flynn, the city's community development director, says missing out on the tax credits this year won't derail their progress because housing authorities are uniquely situated to pull money from many levels of government. Click here for more News and Features