Dolly Ann

For leasing information, please contact Edgewood Management Corporation, 540.962.4545

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Dolly Ann
Dolly Ann

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Welcome to Dolly Ann

Dolly Ann is a 108-unit community in rural southwestern Virginia. In order to preserve it as a source of affordable housing, CPDC acquired the Dolly Ann community under the Low-Income Housing Preservation and Resident Homeownership Act (LIHPRHA) in 1997. LIHPRHA was enacted to preserve affordable housing built 20 or more years ago under several Federal Housing Administration programs.

Dolly Ann Preservation Corporation, a Virginia, non-stock, non-profit corporation, was formed by Community Preservation and Development Corporation (CPDC) to acquire and operate the property. The property is operated under Section 221(d)(3) of the National Housing Act.

At acquisition, Dolly Ann Preservation Corporation assumed a mortgage from the seller, Dolly Ann Apartments Limited Partnership. The mortgage note is insured by the Federal Housing Administration (FHA); the mortgagee is Virginia Housing Development Authority.

The property has a project-based Section 8 contract for 108 units. The contract is a “preservation” contract and is renewable annually.
As an affordable housing developer, Community Preservation and Development Corporation (CPDC) has worked with residents, governments, and developers on both distressed communities and those threatened by gentrification and market rate turnover across the Mid-Atlantic Region. With over two dozen affordable housing properties and over 3,500 units, CPDC developments serve a range of incomes and have included the integration of affordable and market rate condominiums with affordable rental housing. CPDC’s experience and expertise of its staff is rooted in complex financing, renovation in place, securing assets for enduring stability, establishing long-term partnerships with residents, and designing and building community development programs that provide technology supported education and economic empowerment to residents of all ages.