Expanding Affordable Housing for

Richmond’s Senior Population

The Need for Affordable Housing

The number of individuals who cannot afford a comfortable and safe place to call home has reached a record high. The National Low Income Housing Coalition reports that there is currently a shortage of more than 7.1 million affordable homes for the nation’s more than 10.9 million extremely low-income households. The burden of this shortage is far-reaching and has a lasting economic and social impact on individuals and communities. The development of affordable housing benefits the economy and helps communities thrive. Research shows that affordable housing encourages social connection, reduces overcrowding, attracts businesses with job opportunities, and lowers crime rates.

Project Overview

2100 Bainbridge Apartments

By The Numbers

Located in Richmond's Swansboro neighborhood, 2100 Bainbridge Apartments was designed specifically for local seniors. The five-story community will feature 83 one- and two-bedroom apartments ranging from approximately 600 to 900 square feet. All homes will be reserved for households earning between 50% and 60% of Area Median Household Income, helping ensure that Richmond seniors have access to quality housing at affordable rents.

Developed by project:HOMES, a Richmond-based nonprofit with more than three decades of experience serving low-income households, this development helps address increasing demand for affordable senior housing in an area undergoing significant revitalization. The community is situated just two miles from downtown Richmond and less than one mile from a senior center, with public transportation available within walking distance.

Project Impact

2100 Bainbridge Apartments has been thoughtfully planned to support independent living while fostering resident engagement and community connection. In addition to modern apartment homes, residents will have access to a variety of amenities, including a community building with a multi-purpose room and a kitchenette, in-unit laundry, private patios or balconies, and accessible design features, ensuring all units are tailored to seniors.

2100 Bainbridge Apartments represents an investment in both Richmond’s future and the well-being of its aging population. The project builds upon decades of neighborhood revitalization efforts led by project:HOMES and complements other affordable housing investments in the surrounding area. Through strategic partnerships, 2100 Bainbridge will help ensure that Richmond seniors have access to safe, high-quality housing opportunities for years to come.

What is LIHTC?

Created by Congress as part of the Tax Reform Act of 1986, the Low Income Housing Tax Credit (LIHTC) generates private capital investment used to finance the construction and rehabilitation of affordable rental housing for households earning on average 60 percent or less of the area median income. According to the Joint Center for Housing Studies at Harvard University, the housing tax credit is "widely regarded as the most successful housing production and preservation program in the nation's history." Since being enacted, the LIHTC program has helped develop more than 3.5 million affordable housing units.

In addition to providing safe, decent, and affordable housing for working-class families and seniors on limited incomes, the economic impact of the LIHTC program is visible in communities throughout the country. The development of affordable housing increases spending and employment in the local economy. Moreover, affordable housing can affect an employer's ability to attract and retain employees. LIHTC investment plays a significant role in community revitalization, which in turn can improve economic opportunities for local residents.

Who is CAHEC?

CAHEC is a community development organization based in Raleigh, NC, and Columbia, SC, that offers housing and life-changing opportunities to residents throughout its Southeast and Mid-Atlantic footprint. CAHEC's product areas include investing in low-income housing tax credits, historic tax credits, new markets tax credits, and renewable energy credits. Additionally, CAHEC provides loan programs, wellness and education initiatives for residents, affordable housing development, and property management services.

This institution is an equal opportunity provider