Newport Gardens
About the project
The Hanson Company (THC), founded in 1998, is committed to improving the quality of life in urban communities through real estate development and other economic initiatives. THC works in concert with the community to save and restore historically significant structures throughout the City of Richmond and Norfolk while providing both commercial and residential space to the community.
THC is based in Richmond and works in Richmond and Norfolk, VA.
LISC provided $450,000 in financing to cover acquisition and predevelopment costs for a proposed LIHTC apartment community located in the Park Place community of Norfolk. The 50-unit development will be 100% affordable to households making no more than 80% AMI with the majority of units restricted to 60% AMI.
Partner:
The Hanson Company, LLC
Location:
Norfolk, VA
Total Investment:
$450,000
Results:
50 units
Project Category:
Affordable Housing
Product:
Acquisition loan
UN SDGs:
