PORTSMOUTH, Va. (WAVY) — Named after former Portsmouth Mayor James Holley III, Holley Pointe will soon be built in downtown Portsmouth on Effingham Street. There will be 50 apartment homes built for families.
“The rents here will be between $717 a month to a little over $1,300 a month for a three-bedroom,” said Vice President of the Woda Cooper Companies Bruce Watts.
Holley Pointe, developed by Woda Cooper Companies, was awarded low-income housing tax credits by Virginia Housing.
“It’s all based on your income in an annual income of about $55,000 or less, which is probably two-thirds of the population in Hampton Roads,” said Watts.
Portsmouth City Councilman Bill Moody spoke about the importance of affordable housing.
“It was important to me because we need affordable housing. As you know there’s a shortage of that in the region and certainly Portsmouth as well,” said Moody.
Davy Smith III, the chairman of the board of the Portsmouth Redevelopment and Housing Authority, says Holley Pointe is located in an area where people can walk to many businesses and services.
“They can go to social services from here, they can go to behavioral health care from here,” he said.
“You can walk to a theater here, you can walk to a restaurant here, you can walk to the YMCA here. The grocery store is less than two miles here,” said Watts.
The housing could take about a year to build.
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