RHCDA partners with local CDC's to develop both affordable and market-rate housing as a means of building the CDC's capacity and to catalyze the neighborhood revitalization process. We pursue a proven strategy combining a community-based neighborhood revitalization model with seasoned and sophisticated housing development finance expertise, focused on making neighborhood based real estate development economically feasible and attractive. RHCDA places particular emphasis on especially difficult, yet essential, housing redevelopment projects in targeted neighborhoods, designed to provide confidence for private market forces to then follow with further investment. The development of affordable housing as part of a comprehensive neighborhood revitalization strategy energizes the local economy, reduces crime, creates an atmosphere that supports the emotional and intellectual development of our children, and improves the community's quality of life.
Our neighborhood-based partners benefit from the greater financial capacity and expertise we bring to development projects. They participate in the project ownership, have the opportunity to gain more hands-on experience in the development process, and we share a substantial portion of development fees with them to enhance their long-term financial sustainability.
Since 1997, as a developer and development consultant, RHCDA has completed the development of 1,842 homes and 18 commercial spaces with total development costs of $275 million. We currently have under development another 84 homes and 10 commercial units with total development costs of $36 million. This will bring our total as developer since 1997 to 654 homes and 18 commercial units with total development costs of $101 million.
For more information, please contact:
David Dodson, Deputy Director