GREENWICH, Conn., Feb. 12, 2020 /PRNewswire/ -- TRG Community Development, LLC, a division of The Richman Group Development Corporation, was recently selected as Master Developer by the Virgin Islands Housing Authority (VIHA) for the redevelopment of Public Housing in St. Croix, U.S. Virgin Islands. As the Master Development partner, TRG Community Development will work with VIHA to complete a master plan that provides a long-term sustainable development plan to implement its Portfolio Repositioning Strategy for the island of St. Croix that is designed to transform its public housing portfolio to housing-of-choice that incorporates significant energy-efficient elements and energy-resilient concepts.
VIHA is empowered with the responsibility for planning, constructing, maintaining and managing public housing developments on the islands of St. Croix and St. Thomas, which comprise approximately 15% of the total territorial housing stock. VIHA owns and manages approximately 3,014 public housing units on St. Thomas and St. Croix and administers approximately 2,029 housing choice vouchers on St. Thomas, St. Croix and St. John. In 2017, Hurricanes Irma and Maria devastated several Caribbean Islands, including the United States Virgin Islands. In November 2017, HUD allocated $243 million of Community Development Block Grant Disaster Recovery Program (CDBG-DR) funds to the U.S. Virgin Islands to support long-term recovery efforts.
"We are grateful for the opportunity to extend our development platform and services to assist the Virgin Islands Housing Authority with repositioning its public housing stock which, in turn, will deliver thoughtful, high-quality, mixed-income and mixed-use communities," said Andre Blakley, President of The Richman Group's Community Development, LLC. "Integrating energy-sustainable and resilient concepts will provide a complete transformation and true benefit to the residents of St. Croix."
The Richman Group (TRG) is considered the leading LIHTC syndicator in the U.S. Territories where invested LIHTC, through its various investment partnerships, includes $450M+ in 75 properties in Puerto Rico creating 5,707 units, over $61M at three properties in Guam creating 302 units, $50M+ at two properties in Saipan creating 94 units and $6M in St. Croix creating 80 units. On a national basis, TRG has invested over $14B at over 1,400 local partnerships in 49 states and four U.S. territories through 130+ investment funds.
"We are incredibly proud of our role in revitalizing St. Croix and providing best-in-class housing to those residents in the area," said Richman Group Development Corporation President, Kristin Miller. "We are grateful for this opportunity and eager to continue working with the partners of this project to bring to market dynamic and vital housing communities. With our extensive experience both in the Caribbean and nationally, The Richman Group remains committed to providing excellence in housing for this project."
About The Richman Group
Founded in 1987, The Richman Group has grown into one of the nation's largest privately owned residential real estate investment, development and asset management firms. With extensive experience in both affordable and market-rate developments, they have developed over 25,000 residential units, totaling a combined $14B in development costs, and owned or asset managed over 115,000 units. Furthermore, it offers every expertise in-house, from architects to property managers. The Richman Group's philosophy is to be best-in-class in all sectors in which it participates. Customer service is a fundamental value, as is its intention to maintain its leadership in creating innovative developments and financial structures. The company is headquartered in Greenwich, Connecticut, and has 15 regional offices, serving communities in 49 states, Washington D.C., Puerto Rico, the Virgin Islands, Saipan and Guam.
For more information visit, www.therichmangroup.com
The Richman Group
SOURCE The Richman Group Development Corp.