CHARLOTTESVILLE, VA. — Advantage Capital has closed the financing for the second phase of Kindlewood, a $68 million affordable housing redevelopment and expansion in Charlottesville. Phase II, which broke ground last month, will add 100 new units, half of which are replacement units for existing residents and the rest are new affordable housing units.
The second phase will also include a new learning center, community center and the headquarters for Piedmont Housing Alliance, a partner in Kindlewood’s development team. National Housing Trust is also a development partner for Kindlewood.
The last tranche of financing was $9.6 million in state Low-Income Housing Tax Credits (LIHTCs) in connection with the Virginia Housing Opportunity Tax Credit (HOTC) program. The development team expects to deliver the second phase in fall 2026.