Genesis Properties Completes Income-Based Housing Complex in Afton
What happened
Genesis Properties completed Pinnacle at Afton, a four-story income-based apartment complex in Afton. The development features 150 units, ranging from studios to three bedrooms, and was financed by Fulton Bank and supported by a grant from the Department of Housing and Community Development. Genesis anticipates move-ins will begin later this month, having already received over 200 applications.
From richmondbizsense.com
Why it matters
The project provides 150 affordable housing units for households earning up to 60% of the area median income. The financing structure, involving Fulton Bank and the Department of Housing and Community Development, supports local real estate investment and construction activity.
From richmondbizsense.com
Who's involved
- GenesisDeveloper of the Pinnacle at Afton income-based apartment complex.
- Fulton BankProvided financing for the construction of the Pinnacle at Afton property.
- Department of Housing and Community DevelopmentProvided a grant to support the development in Afton.
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- Fulton BankSpeculative
Fulton Bank might see increased bank revenue or portfolio size from the successful financing of the project.
- GenesisSpeculative
Genesis Properties may benefit from access to funding via grants and tax abatement programs.
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The entities involved
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Genesis
English financial software company
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Afton
human settlement in Virginia, United States of America
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Fulton Bank
regional financial services holding company
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