Portsmouth, VA, August 10, 2023 – Woda Cooper Companies, Inc. is pleased Virginia Housing has awarded Low-Income Housing Tax Credits (LIHTC) to Bains Pointe, a new 50-unit affordable housing community proposed in Portsmouth. It is named after Eliza Bains who was instrumental in helping slaves gain freedom via the Underground Railroad in Portsmouth.
Bains Pointe will serve singles, families, and seniors that earn 30% to 80% area median income. Construction for Bains Pointe is expected to begin in mid-2024.
“We are desperately in need of additional affordable housing provided by Woda Cooper Companies because they have already proven that they can deliver a quality product that citizens need and will enjoy,” said Lisa Lucas-Burke who serves as the city’s Vice Mayor and is a member of the Portsmouth City Council. “Bains Pointe will certainly improve the condition of our downtown area, while providing a new affordable housing option for residents and visitors who may be looking to choose Portsmouth as their new home”.
Located at 1100 High Street, the new development will be comprised of a four-story building with an elevator. It will offer 39 two-bedroom apartments and 11 three-bedroom units. Units feature modern design, quality finishes, and fully equipped kitchens with ENERGY STAR appliances including dishwashers. The property is expected to be certified EarthCraft Gold. Several units will include features for those with disabilities.
Community amenities offer residents access to an onsite multipurpose room with kitchenette, laundry facility, and a covered seating area and playground. Bains Pointe will have onsite management and maintenance provided by Woda Management & Real Estate.
Virginia Housing awarded the LIHTCs to Bains Pointe through its competitive Qualified Allocation Plan to identify where expanded affordable housing is most needed in the state. The LIHTCs will be sold to an investor in exchange for equity financing with additional mortgage financing. Eight units have attached rental assistance through Project Based Vouchers awarded by the Portsmouth Housing & Redevelopment Authority.
Bruce Watts, WCCI Vice President – Development and Chief Diversity Officer, said Bains Pointe represents strong collaboration, starting with the City of Portsmouth who approached Woda Cooper after seeing the impact of its earlier affordable community Holley Pointe which opened in 2022. “They came to us at the grand opening for Holley Pointe and encouraged us to find a new site to develop because the community needs more housing,’” Watts recalls. “We are very excited to develop a second property in Portsmouth that will not only provide quality housing but also honor the city’s commitment to equality for residents by honoring Eliza Bains who was an important historic figure for the city.”
In addition to providing quality housing for working families, Bains Pointe will also offer onsite supportive services for residents who need assistance in accessing community resources to help them live successfully and independently.
Architect for the development is PCI Design Group. Woda Construction, Inc., Woda Cooper Companies’ construction affiliate, is general contractor. For more information, visit www.wodagroup.com.
###
About Woda Cooper Companies, Inc.
Woda Cooper Companies, Inc. and its affiliates specialize in the development, design, construction, and management of high-quality affordable multi-family communities, senior communities, and single-family homes. The company was founded in 1990 and now has operations in 17 states and a portfolio of more than 300 communities and 15,000 units. Green building is standard with certifications including Passive House, Zero Energy Ready Homes, LEED, Enterprise Green, EarthCraft, and ENERGY STAR. Woda Cooper Companies has offices in Savannah, GA; Indianapolis, IN; Shelbyville, KY; Queenstown, MD; Mackinaw City, MI; Columbus, OH; and Norfolk, VA. Affordable Housing Finance magazine ranked Woda Cooper Companies 7th in nation among Developers and 21st among Owners in 2023.
