Advantage Capital, a leading impact investment firm that invests with intention in underserved areas and expands access to affordable housing opportunities across the country, announced the financial closing for Kindlewood Phase II—a $68 million redevelopment in Charlottesville, Virginia.
The firm utilized $9.6 million in state Low-Income Housing Tax Credits (LIHTCs) in connection with the Virginia Housing Opportunity Tax Credit (HOTC) program, an essential tool for expanding the supply of affordable housing across the commonwealth.
The Kindlewood redevelopment is a multi-phase development designed to revitalize a 44-year-old housing community into a modern, inclusive, mixed-income neighborhood. In its second phase, it will add 100 new affordable homes, with approximately half serving as replacement units for existing residents and the rest as new affordable housing. And the plans also feature a learning center, a community center, and the headquarters for Piedmont Housing Alliance, a key partner in Kindlewood’s development team.
Phase II had broke ground in January 2025 and completion is anticipated for fall 2026. This phase of development is anticipated to deliver significant long-term benefits to families in Charlottesville and the broader community.
Advantage Capital – which supported and actively advocated for the HOTC program alongside other organizations and entities – participates in state and federal tax credit programs to help developers finance housing developments and increase access to safe, high-quality and affordable homes for low-income families, veterans, public service workers and other vulnerable populations in America.
KEY QUOTES:
“The Virginia HOTC program provides invaluable financial support to developments like Kindlewood II, driving meaningful change in communities facing housing challenges. This investment is an example of our continued commitment to deploying capital in Virginia that addresses affordable housing needs.”
– William Fiederlein, Vice President, Advantage Capital
“Kindlewood Phase II is a crucial step in the progress toward reaching resident redevelopment goals for their community. We are grateful to everyone who has dedicated their lives, vision, and passion to this extraordinary work.”
– Sunshine Mathon, Executive Director, Piedmont Housing Alliance
“National Housing Trust appreciates Advantage Capital’s partnership in financing this second phase of the Kindlewood redevelopment. Construction of 100 new sustainably designed units and a new community resource center is a monumental step towards realizing the residents’ vision for a reimagined Kindlewood.”
– Priya Jayachandran, President and CEO, National Housing Trust
