http://thecollegianur.com/2011/03/07...ruction/18335/
The article is accompanied by a drawing that shows the layout of the cottages and other new buildings at the U of Richmond. Fall 2012 seems to be the target date for completion. The cottages will be for meetings, storage, and so on -- non-residential.
Each sorority will also get a grant for some furniture, electrical appliances, etc.
Financial arrangements are discussed in the article. Actually sounds pretty affordable, if the report is correct.