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$30 Million Prince William Restoration Fund - 2013

On Monday, June 3, 2013, more than 500 VOICE leaders gathered at Woodbridge Middle School in Prince William County, VA to announce $30 million in commitments for VOICE's Prince William Restoration Fund.  The fund will help launch a pilot to (1) rehab 100 abandoned / blighted properties for affordable homeownership & rental housing, and (2) develop 1,500 units of rental housing over the next 15 years in Northern Virginia.  Commitments were:

  • $10 million in acquisition financing from Bank of America;
  • $5 million in project equity financing for rehabbing properties from General Electric;
  • $15 million in long-term, low-interest mortgage financing for the project from VHDA (the state housing finance agency).

At the action, Senator Warner credentialed VOICE's organizing and partners for the pilot, saying that he believed the plan could work "not just as a Senator, not as a former Governor, but as a businessman," particularly because of the local and national partners VOICE brought to the table.  The plan is modeled after successful work to rehab and restore vacant properties and blighted communities in East Baltimore, working with VOICE's sister organization BUILDTRF-Development Partners.

Item Date: 
Wednesday, November 13, 2013