South River Development Corporation (SRDC) is a regional provider of affordable housing based in Waynesboro, Virginia.  Founded as a nonprofit, nonstock affiliate of the Waynesboro Redevelopment and Housing Authority in 1997, SRDC has since developed over 100 new rental units and renovated 130 others.  Partnerships with Virginia Housing and the Virginia Community Development Corporation have allowed SRDC to utilize Low-Income Housing Tax Credits, Historic Tax Credits, and other state level grant and subsidized loan funds to develop these units. 

All unis owned and and managed by SRDC are affordable.  All units developed using tax credit and/or grant funding must be rented to families with an income that is less than a certain percentage of the area median income (AMI).  The AMI is determined annually by the US Department of Housing and Urban Development.  For SRDC, this means that units are designated to families that make less than 40%, 50%, or 60% of the AMI.  To make housing even more accessible to individuals and families with limited incomes, SRDC accepts Section 8 Housing Choice Vouchers at all rental properties.

South River Development is continuing its commitment to developing and enhancing affordable housing in the Waynesboro area.  Renovation and restoration work on historic Fairfax Hall will begin in the fall of 2023.  In 2024, SRDC is planning to begin acquiring other properties in Waynesboro for either new construction or renovation.  See the “Get Involved” page (this should be a link) for information on how you can help SRDC achieve these plans.