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CHARLOTTESVILLE, VA. — Advantage Capital has closed the financing for the second phase of Kindlewood, a $68 million affordable housing redevelopment and expansion project in Charlottesville. The development team, which broke ground on phase II last month, includes Piedmont Housing Alliance and National Housing Trust.
Phase II of Kindlewood will consist of 100 apartments, half of which are replacement units for existing residents. The rest will be new affordable housing units. The development team expects to deliver the second phase in fall 2026.
The last tranche of financing was $9.6 million in state Low-Income Housing Tax Credits in connection with the Virginia Housing Opportunity Tax Credit program.