AGENDA DATE: 8/6/2025
TITLE:
Title
Recommendations for Use of the Affordable Housing Investment FundBODY
SUBJECT/PROPOSAL/REQUEST: Consideration of recommendations for use of the Affordable Housing Fund
ITEM TYPE: Regular Action Item
STAFF CONTACT(S): Richardson, Dimock, Herrick, Curfman, Pethia
PRESENTER (S): Stacy Pethia, Director of Housing
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.
Beginning in FY 2026, the County will utilize a competitive application process to award funding through the Affordable Housing Investment Fund (AHIF). However, staff identified two programs prior to the current Fiscal Year appropriate for AHIF support.
STRATEGIC PLAN: Quality Government Operations - Ensure County government’s capacity to provide high quality service that achieves community priorities.
DISCUSSION: On April 20, 2022, the Board approved the appropriation of $250,000 of the FY 2022 AHIF balance to help support the County’s Energy Improvement Program, effectively doubling the program’s reach. Staff is recommending the County continue to support this program through the AHIF in an amount equal to $150,000. Home energy improvements are an effective way of reducing the overall cost of housing for existing homeowners by decreasing the annual amount of household budgets dedicated to energy consumption.
Staff is also recommending the County continue to partner with Piedmont Housing Alliance and the Financial Opportunity Center, who together administer the Housing Navigation Partnership (HNP) to provide housing navigation services to low- and moderate-income County residents needing support in locating and securing affordable housing. The HNP began in FY 2023 when the Board approved the appropriation of $80,000 in American Rescue Plan Act of 2021 Coronavirus State and Local Fiscal Recovery Funds. Services provided through this partnership include assistance with locating units, utilizing relationships with area landlords and property managers, client consultation on rental options including discussions relating to financial feasibility, budgeting, and security deposit needs, and support with successfully leasing a unit.
BUDGET IMPACT: Should the Board approve the total requested funding amount of $230,000, the Affordable Housing Investment Fund will have a remaining balance of $4,770,000 that can be used to support future affordable housing projects.
RECOMMENDATION:
Recommendation
Staff recommends the Board approve the full amount of funding being requested.
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