AGENDA DATE: 5/6/2026
TITLE:
Affordable Rental Housing Incentive Program (ARHIP) Request - Premier Circle Apartments
SUBJECT/PROPOSAL/REQUEST: Consideration of recommendation to award incentive payments for the Premier Circle Apartment project through the Affordable Rental Housing Incentive Program (ARHIP)
ITEM TYPE: Regular Action Item
STAFF CONTACT(S): Richardson, Dimock, Sumner, Herrick, Curfman, Pethia
PRESENTER (S): Stacy Pethia and Jacob Sumner
LEGAL REVIEW: Yes
REVIEWED BY: Jeffrey B. Richardson
BACKGROUND: On February 21, 2024, the Board of Supervisors approved implementation of the Affordable Rental Housing Incentive Program (ARHIP). The ARHIP supports developers’ efforts to include affordable dwelling units in their residential construction projects. This incentive program is available to residential construction projects that contain 11 or more residential units and make at least 20 percent of the total residential units available to households with incomes at or below 60% of area median income (AMI) in accordance with Housing Albemarle. The incentive is provided as a rebate of 15% of the project’s real property tax collected each year for a 30-year term.
STRATEGIC PLAN: Quality of Life: Encourage a vibrant community with economic and recreational opportunities that serve all community members.
DISCUSSION: In November 2025, the Piedmont Housing Alliance submitted an ARHIP application packet for the Premier Apartment project (Attachment A). The project encompasses the construction of 60 Low Income Housing Tax Credits units targeted toward families with household incomes at or below 60% of AMI.
Premier Apartments will provide a mixture of 1-, 2-, and 3-bedroom apartment units with rents ranging from $583 per month for a 1-bedroom unit (affordable at 30% AMI) to $1,787 for a 3 bedroom unit (affordable at 60% AMI). The building will be designed and constructed to meet both Enterprise Green Communities and Zero Energy Ready Home standards including high-performance exterior wall assemblies and insulation, energy-efficient windows and glazing systems, and high-efficiency HVAC equipment. All units will also be designed to comply with Virginia Housing’s Universal Design standards to ensure units are accessible, adaptable, and usable for a wide range of household types and mobility levels.
Piedmont Housing Alliance anticipates beginning construction in January 2027 with all construction work completed by September 2028. All units in the project will remain affordable for a 30-year period. The total AHRIP award is estimated to be approximately $400,000 based on the current real estate tax rate and the estimated total assessed value of the property over the entire 30-year period.
Should the Board approve the ARHIP incentive grant for the Premier Apartments, the County and Piedmont Housing Alliance will enter into a performance agreement for the real property tax incentive. This agreement will outline the terms of the incentive grant including the amount of the annual incentive, the timeline for payment of the annual grant incentive, the term of the grant incentive, and the affordability period for the property.
BUDGET IMPACT: Should the Board approve the ARHIP incentive for the Premier Apartments project, funding for the incentive payment will be derived from the increase in real property tax realized from the project. The future real property tax revenue and associated incentive payments would be incorporated into future budgets.
RECOMMENDATION:
Staff recommend the Board approve the resolution (Attachment B) , authorizing the County Executive to execute a performance agreement with the Piedmont Housing Alliance to implement the AHRIP incentive.
ATTACHMENTS:
A - Premier Apartments ARHIP application
B - Resolution