Construction crews have begun work on 234 affordable three- and four-bedroom townhomes in South Richmond, a project developers say will rent for close to half of what similar homes command on the open market. Standard Communities broke ground on the development, called Joyfield Towns at German School, at 250 E German School Road, with completion expected in roughly 23 months.
According to Standard Communities, the project carries an $88 million price tag, though Richmond BizSense previously reported the developer describing the same project, then known as Joyfield Flats, as a $90 million undertaking. Every home in the community will be restricted to income-qualified renters, with eligibility set between 50% and 60% of the area median income. For a four-person household, that translates to an annual income between $56,750 and $68,100, the developer's announcement states.
Of the 234 units, 62 will carry project-based rental assistance through a Section 8 contract with the Richmond Redevelopment and Housing Authority, per the same announcement. The agency's investment in those project-based vouchers is expected to top $25 million over the next 15 years. At the upper end of the income range, projected monthly rents come to $1,653 for three-bedroom units and $1,836 for four-bedroom units, compared with area market-rate averages of $2,800 and $3,000, the announcement notes.
How the Deal Was Financed
The development draws on federal Low-Income Housing Tax Credits, tax-exempt bonds issued by RRHA, and financing from Citibank and U.S. Bank, the Standard Communities announcement states. The City of Richmond is also chipping in through its Housing Trust Fund and its Affordable Housing Performance Grant program, which a city grant record lists as going to Standard Development Partners, LLC for the German School Road address.
The bond piece of that financing stack was previously detailed by RRHA itself, which announced $45 million for what it called a 234-unit community at the same address as part of a larger $94 million bond package. That November 2025 announcement said the three RRHA-sponsored projects covered together represent more than 599 new affordable homes, and specified that the bonds would not place a financial burden on city taxpayers.
Amenities and On-Site Support
Plans call for a clubhouse, a community gathering space, a playground and a dog park on site, according to Standard Communities. On-site supportive services for residents will be provided by Ounce of Care, the announcement states.
Part of a Broader Push
Joyfield arrives amid what Richmond BizSense describes as a boom in new affordable housing developments since the city introduced its Affordable Housing Performance Grant program in 2023 — the same year Richmond City Council declared a housing crisis, according to Richmonder.org. HUD set the area's median income at $113,500 for 2025-26, the outlet reports, while the income needed to buy a single-family home in the region nearly doubled between 2020 and 2024, from $62,005 to $122,866.
The underlying math behind projects like Joyfield is stark. The Richmond region faces a shortage of 39,000 rental units for low-income households, according to Partnership for Housing Affordability, and is projected to need homes for 29,000 more low-income households by 2040, including 16,000 very low-income households. Long waiting lists remain a challenge. The region has averaged only about 240 new dedicated affordable rental units per year over the past five years, mostly through the tax-credit program that is also funding Joyfield, the group reports.
Other projects have recently reached milestones in the region. Bellevue Gardens, a 78-unit complex in Richmond's Northside, held its ribbon-cutting, and a ceremonial beam-signing was held for The Heights, a 44-unit development outside Richmond city in Highland Springs, per Richmond BizSense. Separately, the city has selected a developer called Shockoe Shines to turn a city-owned parking lot at 212 N. 18th St. into nearly 200 mixed-income units, including at least 57 for households earning below 80% of area median income, with construction potentially starting as early as August 2027 pending City Council approval, according to WRIC.
