THE VIRGINIAN-PILOT
Copyright (c) 1996, Landmark Communications, Inc.
DATE: Saturday, May 11, 1996 TAG: 9605100416
SECTION: REAL ESTATE WEEKLY PAGE: 3 EDITION: FINAL
SOURCE: BY ROBERT K. TURNBULL, SPECIAL TO REAL ESTATE WEEKLY
LENGTH: Long : 104 lines
Affordable housing . . . for some people, that may seem like a contradiction in terms. As inflation rates steadily rise and the economy continually falls, a prospective homeowner can become discouraged, especially if he is working within a tight budget.
But now, because of efforts by the City of Chesapeake, the Chesapeake Redevelopment and Housing Authority, the federal government, Central Fidelity Bank and the Faith Village Corp., housing in Chesapeake has actually become .
Faith Village, a development located just over the Berkley Bridge on Campostella Road, is one of many new and affordable housing developments emerging in the Hampton Roads area.
``All the houses at Faith Village are base priced at $86,500,'' says Terrance Ackinson, a Realtor with Scott & Associates who is handling many of the homes in Faith Village.
``We include a security system. During our grand opening we offered a special package where we provide all the appliances, the washer/dryer, refrigerator, stove, disposal, dishwasher. We offered it in such a way that they didn't have to worry about a lot of options that would be added to the top of the price.''
There are 13 lots and three housing styles Faith Village homeowners can choose from. At present, only five houses have been completed, all of which are two-story dwellings. The two-story home, like the other styles, has three bedrooms, 2 1/2 bathrooms, a deck and other amenities.
The main difference between the two-story style and the ranch and Cape Cod styles, is the second floor.
Two Cape Cod homes are under construction and several ranch homes will be breaking ground next week. Both these style homes are wider than the two-story.
``All the homes are built on a crawl space,'' Ackinson explains, ``and are built with a brick skirt, which usually costs extra money. They all have gas heat, gas hot water, and are energy efficient.''
The homes in Faith Village have fairly sizable driveways and a front yard. The landscaping is simple, mostly green grass, trees, planted shrubs and flowers, giving the unfinished neighborhood a clean, charming appeal.
Curtis and Shannon Etheridge along with daughters Brittany, 7, and Brandy, 4, will be among the first to move into a Faith Village home. Born and raised in Chesapeake, Shannon Etheridge watched the neighborhood develop and wanted a single-family home.
``For all that's included, I think the price is really good,'' says Etheridge. ``My husband and I have been looking around for a while. Anywhere else we would be paying over $100,000 for all the we got.
``The neighborhood is going to be what we make of it."
Robert Gatling, the owner of a ranch home who often drives by his new property in the evenings, will be moving into his Faith Village ranch style home in June with his 4-year-old son.
Gatling says, ``The community is a major selling point. It's really quiet, and the location is great . . . we're so close to everything.''
Mike Glenn, the community investment lender for Central Fidelity Bank, explains that Faith Village actually began as a piece of land owned by the Gideon's Riverside Fellowship Church in Chesapeake, which formed the Faith Village Corp. to provide a way for families to buy homes that were newly constructed for an affordable price.
The city and the housing authority entered the picture and arranged federal HUD money that offsets a significant portion of the development costs and the home buyers closing costs.
Finally, Central Fidelity Bank lent the money to develop the property and got the project literally off the ground by building the homes. Glenn says that ``just seeing the gleam in the homeowners eye . . . it makes all the work worthwhile.'' ILLUSTRATION: MOTOYA NAKAMURA
Terrance Ackinson sells and builds homes in Faith Village. A few may
become available if some loans don't go through.
Only five dwellings have been finished but all 13 lots have been
sold.
AT A GLANCE
VP Map
ABOUT THE NEIGHBORHOOD
Schools: Georgetown Primary, Indian River Middle and Indian River
High schools. Atlantic Christian (K-12) and and Greenbrier
Christian (K-12) private schools are also convenient.
Recreation: FunScapes across from Greenbrier Mall (four minutes
away), Community Recreation Center at Riverwalk (eight minutes
away), YMCA on Greenbrier Parkway, another YMCA on Old Greenbrier
Road.
Shopping: Greenbrier Mall (four minutes away on I-464 and
Battlefield Bouleavard), Military Circle Mall (six minutes away on
I-264), Battlefield Boulevard shopping areas (three minutes away).
Norfolk's Waterside festival marketplace is just over the Berkley
Bridge and downtown Portsmouth is a quick trip through the Downtown
Tunnel.
FOR SALE
All homes in the Faith Village development have a base price of
$86,500, which includes many fundamental appliances. The three
styles are ranch, Cape Cod and two-story.
by CNB