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FTK Construction Launches $16.9MM Affordable Housing Development

May 27, 2022

FTK Construction Services, a nationwide General Contractor specializing in Affordable Housing/LIHTC projects, is pleased to announce the launch of a recently awarded project, Waters at James Crossing. The property, located at 808 Greenfield Drive, Lynchburg, VA, 24501, was built in 1970 and has 288 one, two, and three-bedroom apartments.

The owner of the property is Atlantic Housing Foundation (AHF), a 501(c)(3) not-for-profit corporation focused on developing and preserving quality affordable housing for low- and moderate-income families. FTK and AHF have a long history of many successful LIHTC and Multifamily projects in the past. At a contract value of $16,942,404, Waters at James Crossing is the largest Affordable Housing/LIHTC project that AHF and FTK have partnered on to date. The lender for the project is R4 Capital.

Jim Goodman, FTK’s CEO stated, “The combination of R4 Capital, Atlantic Housing Foundation, and FTK Construction Services is a perfect example of engaging the Right Team, at the Right Time, with the Right Technology.”

Interior renovations will include paint, cabinetry, countertops, entry doors, drywall, windows, tub surrounds, plumbing fixtures, flooring, water heaters, appliances, and more. Other notable exterior renovations will include decking and roof repairs, exterior paint, new gutters and downspouts, exterior lighting, building, and unit signage, railings, breezeways, accessible walkways, and parking lot, site amenities, and landscaping.

Greg Buckley, FTK’s Vice President of Preconstruction and Construction added, “One of the key components of a successful LIHTC project is to align with a client partner who is experienced, financially astute, communicative, and transparent with their objectives and challenges. Atlantic Housing Foundation is all those things, and we very much appreciate our relationship with them.”

 

About FTK Construction Services

FTK Construction Services is a nationwide full-service General Contractor, with three divisions of Multifamily expertise: Affordable Housing/Low-Income Housing Tax Credit (LIHTC) preservation projects, Multifamily Renovations, and Disaster Services/Insurance related property damage restoration. FTK has completed projects in 33 states to date and has delivered over 5,000 Affordable Housing/LIHTC units. FTK continues to ensure that all our project protocols comply with the latest guidelines from the Centers for Disease Control and Prevention (CDC) for preventing person-to-person transmission of COVID-19 as well as all emergency state and federal executive orders. To learn more, visit our website at ftkconstructionservices.com, and follow us on LinkedIn, Facebook, Twitter, and Instagram.

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