Press Release

The Humanities Foundation, a builder for the past two decades of affordable housing for families in the South, has expanded into Virginia with plans to provide 192 energy-efficient apartments at two sites in the Shenandoah Valley by the end of next year.

Construction of Waterford Village in Staunton, Va., which began earlier this summer, is expected to be completed by April 2011. In the winter, work is expected to begin on Montague Terrace in Augusta County, Va., Montague Terrace is slated to open in late 2011.

Both apartment communities with a total cost of $22.8 million are being financed through tax credits. This financing method is a common way of funding affordable housing developments. Typically, corporate investors buy the tax credits at a discount to face value, and the money gained from selling the credits is used to fund construction.

While the construction industry across the nation has been slowed by the recession, the Humanities Foundation is in a unique position. It is building two affordable housing communities in Virginia where both projects are expected to create about 120 construction jobs in Staunton and Augusta County.

Tracy Doran, the foundation’s president, said “We have targeted Virginia as an excellent growth opportunity that fits our overall strategy for a regional presence in the South.

“Augusta County is a growing, business-friendly community with a relatively low unemployment rate,” she said. “We are pleased to be able to provide first-class workforce housing to help the Staunton area continue to thrive even in these difficult times.”

Dennis Burnett, economic development director for Augusta County, said, “Waterford Village brings a welcome boost to the Augusta County economy. Construction projects of this magnitude create an upshot for local employment including our skilled trades. Sustainable construction creates new opportunities for the workforce to demonstrate our ability to contribute to the overall success of affordable housing.

“With both Waterford Village and Montague Terrace receiving the green light to proceed, we welcome the Humanities Foundation to Augusta County,” he said. “The addition of affordable housing remains complimentary to the county’s comprehensive plan, and we have found the development team committed to both detail and meeting the evolving needs of County residents.”

Both communities in Virginia will have energy efficient appliances, doors, windows and heating and cooling systems. Waterford Village, Doran said, “will be first class in every way and will be the most energy-efficient multi-family community in Augusta County. Additionally, the architectural features and landscaping are quite compelling. We are confident that many folks will want to make Waterford Village their home.”

The foundation is seeking to expand beyond the Carolinas and Virginia with housing projects in Louisiana and Texas.
Since 1992, the Charleston, S.C.-based foundation has built more than 1,000 apartment units valued at more than $100 million. The foundation also has constructed affordable housing projects in Port Royal in Beaufort County, South Carolina, and Orangeburg, South Carolina.

In addition to building affording housing in South Carolina, the foundation also offers a program called ShelterNet. It helps families and individuals who have suffered a crisis or setback by providing emergency financial assistance to enable them to stay in their homes or to prevent the loss of essential utility services such as gas, power or water.

Waterford Village at a glance
Staunton, Va.
· 96 Units
· 48 - 2 bedroom/2 bathroom (1,090 sq ft each)
· 48 - 3 bedroom/2 bathroom (1,206 sq ft each)
· Sustainable Initiatives: Eartchcraft Certified
· Property Size: 12 Acres
· Overall Project Cost: $12,274,866
Funding Sources
Equity: Boston Capital
Construction: Bank of America
Architect: Winks Snowa Architects
Civil Engineer: Perkins & Orrison
Contractor: HK Jordan

Montague Terrace at a glance
Augusta County, Va.
· 96 Units
· 56 - 2 bedroom/2 bathroom (1,084 sq ft each)
· 40 - 3 bedroom/2 bathroom (1200 sq ft each)
· Sustainable Initiatives: Eartchcraft Certified
· Property Size: 4.8 acres
· Overall Project Cost: $10,490,935
Funding Sources
Equity: TBD
Construction/Perm: Not yet determined
Architect: Winks Snowa Architects
Civil Engineer: Perkins & Orrison
Contractor: Not yet determined