Failing Property Saved: Hazel Hill Apts, Fredericksburg, VA
National Housing Trust/Enterprise saved 147 affordable apartment homes in Fredericksburg, VA. Hazel Hill Apartments, a 100 percent project-based Section 8 property, was once the picture of a failing HUD assisted property.
Built in 1971, by early 2004 the property had twice failed HUD’s property inspections. The owner was facing foreclosure and residents, many of whom had lived in their homes for thirty years, were facing displacement. With housing prices skyrocketing in the city, losing these homes would have been a serious setback for the community. Instead of letting the property deteriorate, NHT/Enterprise acquired the property in July 2004 and secured the financing needed to complete $7 million in property renovations. In addition to making physical improvements, NHT/Enterprise took a comprehensive approach to revitalizing the community by developing a resident services and community safety program. Hazel Hill residents now have a decent, safe and affordable home and an improved quality of life.