Rady Street Apartments

More affordable housing in Richmond is coming to Rady Street!

Rady Street Apartments in the City of Richmond will be 82 affordable units — 73 studio apartments and nine one-bedroom apartments — with access to on-site supportive services. As a mixed income community, a portion of the units will be reserved for individuals experiencing homelessness in the Greater Richmond area and all residents will earn 60% or less of the Area Median Income (AMI). Seventy units will have rental subsidies and the remaining 12 units will be available for clients of Richmond Behavioral Health Authority. Rady Street Apartments is permanent rental housing; residents sign leases and pay a monthly rent. The permanent supportive housing model works — over 95% of VSH residents do not return to homelessness. 

Each unit will feature a kitchenette with full-size appliances and a full bathroom. At least 13 units will be completely accessible for persons with disabilities. The building will have an extensive security system and off-street parking. In addition to apartments, the building will contain a community room, a computer room, laundry facilities, a front desk, and staff offices for on-site property management and supportive services staff. The front desk will be staffed sixteen hours per day with a night monitor on duty at night. The development will be EarthCraft certified for resource and energy efficiency and will feature solar photovoltaic panels.  

Project costs are estimated to be approximately $28 million. VSH will apply for Low-Income Housing Tax Credits in the 2024 Accessible Supportive Housing pool. Additional financing will include a Virginia Housing REACH loan; Department of Housing and Community Development (DHCD) HOME, National Housing Trust Fund, Virginia Housing Trust Fund, and Housing Innovations in Energy Efficiency (HIEE); locality funds; and private foundations.

Construction is estimated to begin in spring 2026 with completion in 2027. Colin Arnold with Arnold Design Studio is the project architect and Timmons is the engineer. A general contractor will be chosen at a later date. 

The project site was donated to VSH by RBHA. Susan Hoover, RBHA Acting Chief Executive Officer, shared, “RBHA and VSH have a long history of partnership, and we are very excited to be able to provide land to help support [VSH’s] mission in creating much needed permanent supportive housing units.” 

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