**Fairstead Launches $26 Million Revitalization of Chesapeake Affordable Housing Community**
Fairstead has announced a $26 million revitalization project for MacDonald Manor, an affordable housing community located in Chesapeake, Virginia. The community, comprised of six two-story buildings, offers a total of 152 units designated for families.
In partnership with the Chesapeake Redevelopment and Housing Authority, Virginia Housing, and Hudson Housing Capital, the rehabilitation will be financed through a federal initiative that merges elements of the Rental Assistance Demonstration (RAD) and Section 18 programs. The total acquisition and rehabilitation cost is projected at $55 million.
Situated at 1331 MacDonald Road in Chesapeake’s northeast corridor, MacDonald Manor includes a mix of unit sizes: three one-bedroom units, 114 two-bedroom units, and 35 three-bedroom units.
“MacDonald Manor represents our dedication to long-term stability for residents,” said Francis Yalda, Senior Associate at Fairstead. “Our team is proud to work alongside our partners to ensure that high-quality, affordable housing remains a priority in the Chesapeake community.”
