In a place where carnival games and a racetrack once dominated the landscape for four days a year, affordable housing now will stand proud all year long.

Officials held a ribbon-cutting on Thursday morning for the Residences at October, a new community off Freeney Avenue east of South 12th Street. It features 72 apartments that already are fully leased. It is part of a larger community known as October at Fair Downs, which includes 99 homes, townhomes and triplexes, most of which are still for sale.

“Our vision for this community was to produce true affordable housing,” said Steve Lawson of the Lawson Companies, which developed the site. “Look at what a few tax credits can do.”

The development used a federal tax credit program that encourages developers to build affordable housing. With the extra equity they have from the start, developers can afford to keep rents low. The credits are awarded on a points system, considering everything from sustainable building to good property management.

Apartments at the Residences at October will go for $530 to $675 per month, depending on the floor plan, and are available only for those who make half or less of the area’s median income.

“It takes a lot to put this together,” said Susan Dewey, executive director of the Virginia Housing Development Authority. “It really is a public-private partnership.”

Dewey happens to be the sister of Congressman J. Randy Forbes, who also was in attendance.

“These aren’t just houses,” he said, noting that a home can provide stability for a young person. “Maybe because of one of these homes, perhaps we’ll see a general that wins a conflict for us, a scientist that comes up with a cure for one of our diseases.”

Mayor Linda T. Johnson also spoke to the importance of housing.

“Housing means a lot to people,” she said. “It starts with feeling safe and knowing you have pride in what you have.”

The Lawson Companies purchased the property from Tidewater Fair Association, which used to produce a fair for African-Americans in the days when even seasonal entertainment was segregated.

George Richards, who represented the fair association, regaled the 60 or so people in attendance with stories about the fair, which started in 1914.

“The Tidewater Fair was always an exciting time of year,” he said. “We knew the entertainment would be here; old friends would be here.”

The fair was established as a way for Nansemond County farmers to get together and gain knowledge about the latest trends. Professors from Virginia State College and Hampton Institute — both now universities — would come and work with the farmers.

Entertainment soon began to feature in the gathering. A carnival asked to come and lease space, and horse races were held. Locals competed in competitions like baking, jams and jellies, quilting, crops and farm animals. Ruby Walden, also in attendance Thursday, was one of the judges.

Richards said the prize that came with a blue ribbon was a $5 gold piece.

“(The fair) only lasted four days,” Richards said. “How in the world could a business survive only working four days out of the year? That’s what the Tidewater Fair did for many years.”

But times changed. A fire destroyed most of the buildings on the site, and the grandstands were in disrepair.

“The carnival didn’t pay us to come in; they wanted us to pay them to come in,” Richards said. “And they wanted their money up front, which is almost impossible.”

The fair closed down in 1979, and up until construction started on October at Fair Downs, the horse track could still be seen in aerial photos.

Its legacy lives on, however, not only in the name but also in the names of the various home models, all of which are named after popular fairs and horse tracks around the country.