Built in 1977, Lexington House is a Project-Based Section 8 Senior and Disabled property consisting of one, three-story building with one-bedroom apartment homes on 2.3 acres. Lexington House is located at 130 Houston Street in Lexington, VA 24450, a short distance from the central business/historical district, Washington and Lee University and Virginia Military Institute, and in close proximity to I-64 and I-81 in the Shenandoah Valley. It is next to Carilion Stonewall Jackson Hospital.
Lexington House has completed renovations. The property received over $56,000 per unit in hard cost rehabilitation as part of Steele Properties’ acquisition. The scope of renovation encompassed both exterior and interior work. Important building improvements included apartment unit updates, new roofs, HVAC systems, and plumbing and electrical upgrades. Project upgrades included parking lot paving, new entrance and upgraded community room with renovated kitchen and new computer lab.
This project is financed with 4% tax credits allocated by Virginia Housing Development Authority (VHDA), tax exempt bonds issued by the Industrial Development Authority of the City of Lexington, permanent and construction financing provided by Redstone Tax Exempt Funding, and tax credit equity provided by Raymond James.