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Skyline Manor Housing Development

Carter Bank & Trust - Glasgow, Virginia

2020 Community Commitment Awards Submission

  • Entry Category: Affordable Housing
  • Asset Size: Small

As a Virginia state-chartered community bank, complying with the Community Reinvestment Act and providing fair lending opportunities is important to our tradition of caring for our communities. Through this initiative, we have participated in a multitude projects that have revitalized low-income and under served communities. The revitalization of Skyline Manor Apartments in Glasgow, Virginia is another such example. Skyline Manor Apartments, the former Glasgow Elementary School built in 1939, is on the National Register of Historic Places and Virginia Landmarks Register. In 1995, the school was converted into a 32-unit apartment building featuring 1 bedroom, 1 bathroom apartments for the low-income, senior citizen population. After 25 years, a complete rehabilitation of the rental units was necessary. The developer received a .5 million allocation of Low Income Housing Tax Credits (LIHTC) through a competitive application process administered by the Virginia Housing Development Authority. In addition, the property qualified for federal and state historic tax credits. Because tax credit equity does not come at the time construction begins, the developer needed a bridge loan to finance construction costs. As part of our CRA and Fair Lending Program, Carter Bank & Trust stepped up to provide a bridge loan needed to get the project off the ground. The project required the coordination of government agencies like the USDA and VHDA.