Enterprise Community Development Closes Financing on $36M Alston Court Affordable Housing in Waynesboro, Virginia

WAYNESBORO, Va. — Enterprise Community Development, part of Enterprise Community Partners, has closed on financing for Alston Court, a $36 million affordable multifamily community at 1030 Alston Court in Waynesboro, Virginia, the organization announced Oct. 12. The development will add 96 apartments for families, with financing from Virginia Housing, CAHEC, the Virginia Department of Housing and Community Development and the City of Waynesboro, among others.

Alston Court Development Details

Alston Court will include one-, two- and three-bedroom apartments for families earning between 50% and 60% of the area median income (AMI). Sixteen apartments will be built in accordance with Uniform Federal Accessibility Standards, and 11 units will be set aside for households with disabilities.

The $36 million total development cost works out to roughly $375,000 per apartment. Construction is expected to be completed in the first quarter of 2028. Winks Snowa is serving as architect, Timmons Group as engineer, UrbanCore as general contractor and Enterprise Residential as property manager.

Residents will have access to a shared clubhouse featuring a community room, fitness center, leasing office and secured package room. Each unit will have in-unit laundry. The development will be built to meet U.S. Department of Energy Zero Energy Ready Home and Enterprise Green Communities standards, and rooftop solar is planned as part of the project.

Financing Structure: Virginia Housing, CAHEC and State Support

The project was financed through a combination of public, private and philanthropic sources. These include Virginia Housing debt, federal Low-Income Housing Tax Credits, Virginia State Housing Tax Credits and more than $7 million in state subsidy. Financing partners include Virginia Housing, CAHEC, the Virginia Department of Housing and Community Development, the City of Waynesboro, the Central Shenandoah Planning District Commission and LOCUS.

Waynesboro's 2026 annual action plan identifies a $500,000 city-funded Community Vitality Fund contribution, $4.4 million from Virginia's Affordable and Special Needs Housing loan program and $500,000 from Virginia Housing's Regional Housing Development Program as part of the project's financing stack.

The City of Waynesboro and a local philanthropic partner provided nearly $800,000 in additional funding when the development faced a funding gap late in the financing process. The project also received support from state and local leaders, including Del. Ellen H. McLaughlin.

Supportive Housing and Leadership Comments

Enterprise has partnered with Valley Community Services Board to provide referrals and wraparound services for 11 households through its Permanent Supportive Housing for Serious Mental Illness program and the State Rental Assistance Program.

"Bringing an affordable housing development from concept to construction takes partners who are willing to stay at the table and find solutions," said Janine Lind, president of Enterprise Community Development. "The support behind Alston Court speaks to a shared commitment to Waynesboro's future and to ensuring that families at a range of incomes can continue to call this community home."

Waynesboro Mayor Kenny Lee said the project "marks a significant step forward for our city, as it paves the way for much-needed workforce housing." He added that the City Council has made it a top priority to foster and support initiatives that create affordable rental opportunities for the community.

Waynesboro Housing Market Context

Rents are rising across Waynesboro and the surrounding region, and the local housing authority has been using approximately 95% of its voucher funding. Higher rents mean the same budget supports fewer households. The Housing Choice Voucher waiting list has been closed since October 2025. Waynesboro's rental vacancy rate is approximately 6%, which is below average.

The city had approximately 715 subsidized housing units in 2025, including roughly 92 that were unoccupied and available to rent, or about 13% of the subsidized stock. At 96 apartments, Alston Court would expand that inventory by roughly 13%, assuming the current estimate and no other additions.

Enterprise's Broader Activity

Enterprise Community Partners reported $173 million invested in 2025, supporting 4,064 affordable homes, with $648 million in assets under management and 488,737 square feet of community and commercial space. Its 2025 impact reporting also said Enterprise raised $335.8 million for a low-income housing tax credit fund in 2026, supporting the creation or preservation of 2,556 affordable homes across 15 markets.

Market Implications

The roughly $375,000-per-unit cost illustrates the role that layered public subsidies, tax credits and soft funding continue to play in new affordable construction. The nearly $800,000 late-stage contribution from the City of Waynesboro and a local philanthropic partner shows how financing gaps can emerge even after tax credits, state subsidy and debt have been assembled.

By targeting households at 50% to 60% of AMI while including supportive housing units, Alston Court serves both workforce housing needs and residents requiring services. Energy-efficiency standards and planned rooftop solar are intended to support long-term affordability for residents.

Sources

• Enterprise Community Partners: Enterprise Community Development Closes on Alston Court, Bringing 96 New Affordable Homes to Waynesboro