Norfolk (VA) Strategic Financial Planning Services
TCGI provides comprehensive advisory services to Norfolk, Virginia Redevelopment and Housing Authority (NRHA). TCGI is assisting NRHA realize its vision of being a world-class leader in providing housing, housing services, revitalized neighborhoods, and urban development.
Since its founding in 1940 as one of the oldest redevelopment authorities in the country, NRHA has grown to an organization with 400 employees and is led by a non-traditional executive team comprising of a tax attorney, certified architect, and two CPA\'s. The housing portfolio includes: 1187 elderly units, 3992 assisted housing units, 5943 single family units, 2348 multi family units, and 6719 Housing Choice vouchers.
NRHA has asked TCGI to establish modernization strategies for its large and changing portfolio. Currently, NRHA has 5,000 acres of REHAB and redevelopment projects utilizing mixed finance strategies including $243.2 million bond activity. TCGI conducted a physical needs assessment (PNA) for 14 of their public housing projects, each with a separate market study for determining appropriate rents and future income streams.
TCGI’s affiliate, TCG Development Services is implementing Norfolk’s 2000 HOPE VI revitalization project as part of the City’s Broad Creek Master Plan. During 2006 TCGI furthered the Broad Creek Master Plan by formulating the urban design and financial structure for Mission College and Moton Circle areas. This work culminated in submitting a second 2006 HOPE VI grant application to U.S. Department of Housing and Urban Development.
In an effort to both modernize its housing stock and reposition its assets for project-based management, NRHA requested a feasibility analysis for converting 363- units at Grandy Village public housing into a revitalized, mix-income community. Now TCGI is structuring the $39 million, mixed-finance project that combines bond financing, Low-Income Housing Tax Credits, and riverfront market rate ownership.
Improving Local Services
One of the biggest constraints that public housing residents face is accessing affordable day care for their children. This is especially a problem because many lower income jobs do not conform to 9-5 work days. Young children, at critical stages to human development, need constructive environments at all times. To better serve its clients, NRHA has asked TCGI to conduct a feasibility study for a 24-hour day care service. TCGI paid particular attention to the financing, management and operational standards of opening such a facility in the Norfolk area.