ROYAL CAMBRIDGE HOMES
From 2016 to 2021, the Alexandria Housing Authority (AHA) transitioned its entire portfolio from public housing to affordable housing using HUD’s Rental Assistance Demonstration (RAD) program. Royal Cambridge Homes, LP represents the final phase of this comprehensive transition. Comprised of three distinct housing sites (Woodland Pointe, Cambridge Place, Royal Ridge) and 384 homes for families, this $54 million project resulted from a partnership with master developer BGC Advantage.
The State Bond Commission provided tax-exempt bonds, which enabled the leverage of 4% low-income housing tax credits that Citi Community Capital purchased. CREA provided private financing through the purchase of low-income housing tax credits.
In addition to fully modernized units with energy-efficient features, the rehabilitation added a new clubhouse with office space and private rooms for leasing and community rooms for meetings and education. The community is conveniently situated near the newly built coliseum and entertainment center, hospitals, and transportation hubs. Quality of life improvement programs support physical, financial, and mental health.