Quaker
Hill

Placed in service in 1991, the Quaker Hill community was one of the first tax credit funded communities in the country. Anticipating the expiration of the 15-year Extended Use Agreement period, VHDLLC applied for and was awarded an allocation of 9% Low Income Housing Tax Credits. The City provided a loan to exercise a Right of First Refusal to buy out the initial owner. The financial crisis in 2008 inhibited the sale of the credits, so VHDLLC returned to the State housing finance agency (VHDA) to secure an award of Exchange Credits. The Exchange Credits were monetized through purchase by the Department of Treasury and the project was able to move forward. The effort was completed and 100% occupied by 2010.