Dolly Ann is a 108-unit community in southwestern Virginia built in the early 1970's with a US Department of Housing and Urban Development (HUD)-insured, below-market-rate loan and a Section 8 contract covering 100% of the units. In order to preserve it as a source of affordable housing, CPDC acquired the Dolly Ann community under the Low-Income Housing Preservation and Resident Homeownership Act (LIHPRHA) in 1997. LIHPRHA was enacted to preserve affordable housing built 20 or more years earlier under several HUD programs.
As a seasoned non-profit developer, CPDC was designated a Priority Purchaser and was able to invest in apartment communities that were vulnerable to conversion to market-rate rental and condominium housing.
CPDC formed a subsidiary non-profit to acquire and operate the property. The new non-profit assumed the HUD-insured first mortgage and received a capital grant from HUD to pay transaction costs, minor modifications needed to bring the property into compliance with Section 504, and to fund future repairs.
As a seasoned non-profit developer, CPDC was designated a Priority Purchaser and was able to invest in apartment communities that were vulnerable to conversion to market-rate rental and condominium housing. 