CHESAPEAKE, VA. — Fairstead has acquired MacDonald Manor, an affordable housing property in Chesapeake, and will redevelop it using $26 million of rental assistance demonstration (RAD) Section 18 funding. RAD Section 18 is a HUD program designed to preserve and improve affordable housing. The entire acquisition and rehab cost is $55 million. Chesapeake Redevelopment and Housing Authority, Virginia Housing and Hudson Housing Capital are project partners. The redevelopment work will begin this fall and is estimated to be complete in fall 2027.
Located at 1331 MacDonald Road, MacDonald Manor is a six-building, two-story community with 152 units reserved for tenants earning no more than 60 percent of the area median income. Renovations will include new lighting, plumbing, flooring, paint and appliances in the units. Outside, Fairstead will repair or replace roofs, windows and facades. A basketball court will be refurbished, and new playground equipment will be provided. The community was developed in 1972.