South Richmond is getting a big batch of family-size rental townhomes, and construction has already started.
Standard Communities broke ground Oct. 20 on Joyfield Towns at German School, an $88 million development at 250 E. German School Road. The project will deliver 234 affordable three- and four-bedroom townhomes, according to the company's release. It's the third community under the developer's Joyfield Living brand.
The release says construction is already underway, with completion expected in about 23 months. That puts move-ins around fall 2028.
Who it's for
The townhomes are aimed at households earning 50% to 60% of area median income. For a family of four, Standard Communities puts that at $56,750 to $68,100 a year. At the top of that range, rent would be $1,653 for a three-bedroom and $1,836 for a four-bedroom. The company says comparable market-rate rents in the area average $2,800 and $3,000.
Sixty-two of the homes will carry project-based rental assistance under a Section 8 contract with the Richmond Redevelopment and Housing Authority. RRHA CEO Steven Nesmith said the authority is committing more than $25 million in project-based vouchers over 15 years.
How it's paid for
The money stack is typical of large affordable projects, and it shows how many partners it takes to get one built:
- Federal Low-Income Housing Tax Credits
- Tax-exempt bonds issued by RRHA
- Financing from Citibank and U.S. Bank
- Support from the City of Richmond's Housing Trust Fund and its Affordable Housing Performance Grant
Virginia Housing is also named as a partner. The release doesn't break down how much each source is contributing.
The site plan includes a clubhouse, community gathering space, playground and dog park. On-site services will be run by Ounce of Care.
Virginia Deputy Secretary of Commerce and Trade Stewart Ackerly and Councilmember Nicole Jones, who represents the 9th District, joined the groundbreaking. "Projects designed with residents in mind will give families a dignified place to call home," Jones said.
Standard Communities says it manages about $7 billion in assets and nearly 30,000 units in 22 states and Washington, D.C.
Why it matters for Contractors
Two hundred thirty-four townhomes is a lot of repeat work: the same handful of plans built over and over, which is where trade crews can get efficient and make money. The release doesn't name the general contractor, so subs looking for a piece of the job should start with Standard Communities' development team.
Tax-credit projects usually come with strings: prevailing-wage or Davis-Bacon rules can apply depending on the financing, and there's plenty of compliance paperwork. Know those terms before you bid. The 23-month schedule also means interior trades and finish crews will be needed well into 2028.