PORTSMOUTH, VA. — Woda Cooper Cos. Inc. has broken ground on Bains Pointe, a 50-unit affordable housing community located at 1100 High St. in Portsmouth, directly across the Elizabeth River from Norfolk, Virginia. Bains Pointe, in partnership with Bay Aging, will offer units to households earning up to 80 percent of the area median income.
The unit mix includes 39 two-bedroom and 11 three-bedroom apartments. Several units will include features residents with mobility challenges or sight/hearing disabilities. Monthly rates are expected to range from $400 to $1,315.
Tenants will have access to a community room with kitchenette, supportive services office, telehealth space, fitness center and a central laundry facility. Outdoor amenities will include a playground and covered seating areas. Bains Pointe will have an on-site manager, maintenance technician and case manager to assist residents.
A construction timeline for the project has not been disclosed.
The Portsmouth Redevelopment and Housing Authority will provide project-based rental assistance for eight units. These units will be targeted at households that are homeless, at risk of homelessness or who have multiple barriers to independent living. A local community action agency, STOP Inc., will coordinate support services for these units and all residents.
Bains Pointe was named in honor of Eliza Bains, a Portsmouth hotel worker who assisted enslaved people escaping to the north on the Underground Railroad.
Woda Cooper purchased the land from the Portsmouth Economic Development Authority.
Virginia Housing allocated housing tax credits for the project. Truist Bank invested in the tax credits through its affiliate, Truist Community Capital. Truist also provided the construction loan. Cedar Rapids Bank & Trust will provide the first permanent mortgage. Virginia’s Department of Housing & Community Development provided a second and third mortgage.
Woda Management & Real Estate, an affiliate of Woda Cooper, will manage the property. Woda Construction Inc. is the general contractor. D.E Weatherby & Associates designed the community. Hoggard Eure is the civil engineer.