AGENDA DATE: 5/20/2026
TITLE:
Fiscal Year 2027 Albemarle Housing Investment Fund Process Recommendations
SUBJECT/PROPOSAL/REQUEST: Presentation of proposed process steps and changes for the Fiscal Year 2027 funding competition of the Albemarle Housing Investment Fund for feedback.
ITEM TYPE: Regular Action Item
STAFF CONTACT(S): Richardson, Dimock, Herrick, Curfman, Sumner, Pethia
PRESENTER (S): Kaki Dimock
LEGAL REVIEW: Yes
REVIEWED BY: Jeffrey B. Richardson
BACKGROUND: The Albemarle Housing Investment Fund (AHIF) was established by the Albemarle County Board of Supervisors in 2019 with the purpose of financially supporting affordable housing projects with one-time funding that addresses the county’s strategic and housing goals. Funding was provided on a first-come, first-served basis, as funding was available.
A competitive process was implemented for the Fiscal Year 2026 process. In May 2025, the board approved process changes including a funding split of 40% for grants, 40% for loans, and 20% for staff-initiated projects addressing emerging needs or meeting goals of Housing Albemarle.
Eligible uses of funds include: predevelopment activities; land acquisition and assembly; land development; buydown of construction loan interest; water and sewer fees; construction of affordable rental units for individuals at 60% or below area median income; construction of owner-occupied units for individuals at 80% or below area median income; preservation and renovation of existing affordable units; or significant energy upgrades of existing affordable units.
After the completion of the Fiscal Year 2026 process on March 18, 2026, staff received feedback and suggestions from AHIF recipients, county staff, and the Board of Supervisors and has prepared recommendations for the Fiscal Year 2027 competitive process.
STRATEGIC PLAN: Quality of Life: Encourage a vibrant community with economic and recreational opportunities that serve all community members.
DISCUSSION: County staff are proposing changes to the competitive process, specifically to the timeline, the distribution of funds, and the evaluation criteria. Other requirements, guidelines, and processes would remain the same, and staff do not propose changes to eligible uses
Timeline:
The updated process would have an application deadline in July 2026, with applications ultimately going to the Board of Supervisors for formal approval in October 2026, well in advance of the Board’s consideration of the Fiscal Year 2028 budget and the spring Low Income Housing Tax Credit application process.
Distribution of Funds:
Staff propose that 90% of the available fund balance be used to fund grants and/or loans for affordable rental projects, affordable home ownership development, and housing preservation and rehabilitation projects. The remaining 10% would be available to support staff-initiated projects that meet emerging needs and/or address Housing Albemarle priorities.
Evaluation Criteria:
Applications would be scored on specific criteria within four broad categories: Readiness to Proceed, Capacity and Experience of the Development Team, Project Budget, and alignment with County Priorities. A revised evaluation matrix is included as Attachment A, detailing the specific criteria used to evaluate proposals for rental units, homeownership, and preservation activities. Pending Board approval, the revised evaluation matrix will be included as Appendix A in the AHIF Fund Description and Guidelines (Attachment B). Reviewers would be provided with additional detail on each element to determine whether the applicant should receive none, some, or all of the potential points for that element.
BUDGET IMPACT: Should the Board approve the recommendations for the Fiscal Year 2027 AHIF competitive process, a future agenda item will include approval for distribution of up to 90% of the available fund balance.
RECOMMENDATION:
Staff recommends the Board approve the proposed changes to the Fiscal Year 2027 AHIF competitive process.
ATTACHMENTS:
A - AHIF Eval Matrix Revised April 2026
B - AHIF Guidelines DRAFT May 2026