Last Updated: 2010-01-01

CDBG: Matthew Heights

MatthewHeights Photo

This project is for neighborhood revitalization of two vacant parcels of land known as 1606 and 1628 Matthews St. The site is located just over the 5th Street Bridge in what is considered a Gateway area leading into Highland Park. Southside Community Development and Housing Corporation (SCDHC) will develop 15-20 new single family detached homes that will be sold to low to moderate income homebuyers. There is currently an existing historic home that is located on the 1628 Matthews St. site that will be completely renovated and restored to its original character. This entire development will cost approximately $3,300,000. SCDHC will contribute construction financing to build the homes and provide homebuyer education and counseling services to all the potential homebuyers. No CDBG-Recovery Act funds will be provided for administration or public service activities. At least 70% of the beneficiaries of this project will be low- to moderate-income individuals.

SCDHC owns 1628 Matthews St. and expect to have ownership of 1606 Matthews by August 2009. The engineer and architect were hired April 2009. Environmental Site Assessment to start July 2009 with the application for subdivision submission by September 2009. Capitol Improvements to start 2010 with development of homes in late 2010 and 2011.

The use of CDBG-Recovery Act funds in the Matthews Heights project will help sustain the operational capacities of Southside Community Development & Housing Corporation; additionally these funds will help by:

  • Preserving existing non-profit housing developer staff and management positions which in turn will allow staff salaries to be spent in the local economy, which will help stimulate economic growth. It will further assist in the development and construction of approximately 15 to 20 new energy efficient, single-family homes;
  • The newly constructed houses will be sold to Low- to Moderate-Income (LMI) homebuyers who are some of the citizens most adversely affected by the current economic recession;
  • The funds will cover the site improvement and infrastructure costs which will, in turn, reduce the final sales prices of the homes and keep the house affordable for LMI families and individuals;
  • The funds will create additional job opportunities for approximately 8 to 10 construction firms which in turn will promote economic growth in the construction material industry side of the local housing development environment;
  • The approximately 15 to 20 new single family homes will be financed through local banks which will increase and sustain the economic recovery of the local financial community. Better built homes are better for business in that it encourages private investment in an otherwise stagnant community;
  • The development of these homes will create long term economic and lasting benefits to the city of Richmond through additional real estate tax revenues, and additional revenues to utility corporations. It will reclaim an abandoned and underutilized site, and revitalize a targeted area near downtown Richmond. Due to its proximity to downtown, residents may take advantage of public transit and be less dependent on cars;
  • The additional tax revenues generated by these homes and infrastructure improvements should improve local government ability to avoid reductions in public safety budgets;
  • All the homes built will be Energy Star compliant and meet EarthCraft standards. Therefore, the homes will consume less water and energy, improve the quality of construction, and improve the health and quality of life of the homeowners.

It is anticipated that the infrastructure and site improvement activity as part of the Matthew Heights development will generate approximately 40 jobs.

Contact Information:

Stimulus
City of Richmond
900 E. Broad St., Suite 1100
Richmond, VA
23219 USA
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8 a.m. - 5 p.m.

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