AGENDA DATE: 1/10/2024
TITLE:
Title
Proposed Projects for Housing Fund Support
BODY
SUBJECT/PROPOSAL/REQUEST: Consideration of proposed uses of Housing Fund
ITEM TYPE: Regular Action Item
STAFF CONTACT(S): Richardson, Rosenberg, Curfman, Dimock, Sumner, Pethia
PRESENTER (S): Stacy Pethia
LEGAL REVIEW: Yes
REVIEWED BY: Jeffrey B. Richardson
BACKGROUND: Albemarle County has maintained a Housing Fund to put the County in a position to provide funding to projects that will advance the County's affordable housing goals. Albemarle County has received two requests for funding support in Fiscal Year 2024 (FY 24), from Habitat for Humanity and from Virginia Supportive Housing.
Habitat for Humanity submitted a formal request for financial support as part of the Albemarle County FY 24 budgeting process through the Community Non-Profit Capital Request Process on December 9, 2022 (Attachment A). Staff recommended that the item be considered for funding from the Housing Fund.
Virginia Supportive Housing submitted a formal request for additional funding support in September 2023 (Attachment B) to close the project funding gap of $1,400,000 of the Premier Circle Permanent Supportive Housing Project, which the Board approved in January 2022 for American Rescue Plan Act (ARPA) funding (Attachment C).
STRATEGIC PLAN: Quality of Life - Encourage a vibrant community with economic and recreational opportunities that serve all community members.
DISCUSSION: Staff evaluated both requests for Housing Fund funding and found them to be in alignment with Housing Albemarle, Albemarle County's affordable housing policy.
Staff recommends funding Habitat for Humanity's request for $1,500,000 to ensure that the 14 units of housing at Cardinal Hill Apartments at Southwood Village 1 remain deeply affordable for a period of 28 additional years. This funding ensures that the average rent for these units would be approximately $495 per month, instead of the low-end of ...
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