78 new affordable homes transform six acres of vacant land into a vibrant, mixed-income community for Richmond families   

What was once six acres of vacant land is now a place that 78 families can call home. On May 4, 2026, Mayor Avula, and local and state affordable housing leaders across the public and private sectors celebrated the opening of Bellevue Gardens in the northside Rosedale neighborhood of the City of Richmond. Bellevue Gardens is a new, 78 unit mixed-income development that brings to life Mayor Avula and the City’s commitment to creating more homes for more people and building thriving neighborhoods. 

Bellevue Gardens features a mix of one-, two-, and three-bedroom apartments serving families at 30%, 50%, 60%, and 80% Area Median Income (AMI), ensuring that housing works for real Richmonders at a range of income levels. All seventy-eight units are universally designed, and the development employed green building techniques, is National Green Building Standard Silver certified and HIEE certified. 

“This success is a testament to the power of collaboration—local, state, and federal partners coming together and pooling their resources. Projects like these simply don’t happen on their own. They require determination, creativity, and teamwork. It takes complex tax financing and strategic partnerships. These complexities make today’s achievements even more meaningful,” said Merrick Malone, Director, City of Richmond Housing and Community Development .  

“It’s truly inspiring to witness the transformation of this neighborhood and reflect on the community it serves. With 78 new units available for families earning between 30 and 80 percent of the area median income, this project embodies our city’s commitment to creating spaces where everyone—across the affordability spectrum—can find a home and build a life together,” said Mayor Danny Avula . “This development addresses a critical need: the City of Richmond needs more home for more people searching for a place to rest their heads. I want to thank the many partners – City Council, our state partners and federal representatives, and so many others who came together to bring this vision to life. By doing so, they’ve provided not just housing, but dignity—beautiful homes that anyone would be proud to live in, regardless of income.” 

“This project came together because partners aligned around a shared goal and brought their tools, resources, and expertise to the table,” said Jen Surber, Managing Member, Surber Development and Consulting, LLC. “Affordable housing can be the reality for many more people when we collaborate with a shared vision, and I look forward to seeing Bellevue Gardens become a cornerstone for the community—a place where families can thrive, children can grow, and neighbors can build lasting connections. It’s not just about constructing buildings; it’s about creating a foundation for opportunity and belonging. I am grateful to everyone who played a part in making this community a reality.” 

“Bellevue Gardens represents a thoughtful, approach to expanding housing opportunities while maintaining long-term affordability,” said Phil Cunningham, Assistant Director of Tax Credit Programs, Virginia Housing. “Virginia Housing is proud to support developments like Bellevue Gardens that bring high-quality, energy-efficient, and affordable homes to communities across the Commonwealth.” 

The $27.4 million development was made possible through a layered financing strategy that reflects the strength of cross-sector collaboration. 

Funding sources include: 

• VHDA LIHTC 9% Equity: $13,056,491 (Syndicator – Redstone Equity Partners) 
• 45L credits: Syndicator – Redstone Equity Partners
• VHDA Permanent Financing: $9,335,000
• DHCD Housing Innovations in Energy Efficiency (HIEE): $2,000,000
• DHCD Virginia Housing Trust Fund (VHTF): $900,000 
• DHCD National Housing Trust Fund (VHTF): $900,000  
• City of Richmond Equitable Affordable Housing (EAHP): $750,000
• Deferred Developer Fee: $153,012
• Total Developer Costs: $27,416,253 

Construction financing was provided by United Bank. 

Bellevue Gardens also integrates supportive housing components to serve residents with additional needs. Through a partnership with the Richmond Behavioral Health Authority (RBHA), five units are targeted to permanent supportive housing participants. The development also includes 19 project-based Section 8 vouchers through the Richmond Redevelopment and Housing Authority (RRHA). 

The project participates in the City of Richmond’s Performance Grant program and reflects a broader commitment to building communities that are inclusive, sustainable, and responsive to residents’ needs. 

Projects like Bellevue Gardens demonstrate how collaboration across city, state, and federal partners — alongside private lenders, equity investors, and service providers — can transform underutilized land into thriving neighborhoods that expand opportunity for generations of Richmonders.