Enterprise Community Partners Breaks Ground on $36 Million, 96-Unit Affordable Housing Development in Waynesboro, Virginia
WAYNESBORO, Va. — Enterprise Community Development, part of Enterprise Community Partners, broke ground Nov. 5 on 1030 Alston Court, a $36 million affordable housing community that will bring 96 one-, two- and three-bedroom homes to Waynesboro, Virginia. The firm announced that the project is the first new affordable housing development in the city in 15 years. Funding comes from a mix of private, state and local sources, including Virginia Housing, CAHEC, the Virginia Department of Housing and Community Development and LOCUS.
Waynesboro Mayor Kenny Lee, state and local officials, business leaders and community members attended the groundbreaking. Participants ceremonially broke ground and signed a truss to mark the start of the project.
1030 Alston Court Project Details
The development will serve 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 development will also meet the U.S. Department of Energy's Zero Energy Ready Home and Enterprise Green Communities standards, with rooftop solar planned.
Residents will have access to a shared clubhouse with a community room, fitness center, leasing office and secure package room, as well as in-unit laundry. At $36 million for 96 units, the project's implied development cost is approximately $375,000 per unit.
Construction is expected to be completed in the first quarter of 2028. Winks Snowa is the architect, Timmons Group is the engineer, UrbanCore is the general contractor and Enterprise Residential will serve as property manager.
Financing: Virginia Housing, CAHEC, DHCD and Local Partners
The project is being funded through private, state and local support, including Virginia Housing, CAHEC, the Virginia Department of Housing and Community Development, the Central Shenandoah Planning District Commission, LOCUS and the Community Foundation of the Central Blue Ridge. The project received bipartisan support from Waynesboro City Council members, Mayor Lee and Virginia Delegate Ellen H. McLaughlin.
The Virginia Department of Housing and Community Development awarded Enterprise a $4.483653 million Affordable and Special Needs Housing loan for the project, equal to about 12.5% of the stated development cost. The department's program pairs state and federal resources to support construction and rehabilitation of housing for low-income, senior and special-needs households.
The development also received nearly $800,000 in additional funding from the City of Waynesboro and a local philanthropic donor, who contributed after the project faced a funding gap late in the financing process. Together with the DHCD loan, those sources account for at least $5.28 million, or roughly 14.7% of total development cost, though they do not represent the full capital stack.
Supportive Housing and Community Partnerships
Enterprise has partnered with Valley Community Services Board to provide referrals and wraparound services for 11 households at Alston Court. The services will be offered through the board's Permanent Supportive Housing for Serious Mental Illness program and the State Rental Assistance Program.
Officials Comment
"The Council has made it a top priority to foster and support initiatives that create affordable rental opportunities for our community, and the Alston Court project truly reflects that ongoing commitment," Mayor Lee said. "We believe that the development of workforce housing will positively impact many residents and strengthen our city's foundation."
"Virginia Housing is proud to support developments that expand access to quality, affordable homes," said Virginia Housing CEO Tammy Neale. "Alston Court will provide housing in the city of Waynesboro and the Shenandoah Valley where we are seeing a continued need to increase the affordable housing stock to create thriving communities for all who call this region home."
"Our team continues to feel honored and grateful for the unwavering support of our funders and partners, who recognize the value in bringing new homes to an area that has long been affected by the absence of affordable housing and supportive services for residents of diverse income levels," said Janine Lind, president of Enterprise Community Development.
Market Context: Layered Financing in Affordable Housing
The Alston Court financing reflects the layered structure often required for affordable housing development, combining state housing awards, local government support, philanthropic capital and private investment to close a funding gap. The Zero Energy Ready Home and Enterprise Green Communities specifications also add design and construction requirements to the project.
Enterprise's broader affordable-housing investment platform is also active. Its 2026 Enterprise Housing Partners Fund XLIX raised $335.8 million to create or preserve 2,556 affordable homes across 23 developments in 14 states and Washington, D.C. A subsequent fund, EHP 50, raised $209.3 million to create or preserve 1,360 homes across 14 properties in 12 states.
Sources
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