AGENDA DATE: 3/4/2026
TITLE:
Revitalization Area Designation for Premier Circle Phase 2
SUBJECT/PROPOSAL/REQUEST: Resolution supporting Revitalization Area Designation for Virginia Housing Low Income Housing Tax Credit project on Premier Circle Phase 2.
ITEM TYPE: Consent Action Item
STAFF CONTACT(S): Richardson, Herrick, Curfman, Dimock, Pethia
PRESENTER (S): N/A
LEGAL REVIEW: Yes
REVIEWED BY: Jeffrey B. Richardson
BACKGROUND: The Piedmont Housing Alliance (PHA) is pursuing Low Income Housing Tax Credit (LIHTC) financing for a 60-unit affordable rental housing project on Premier Circle (Parcel ID 061M0-00-00-006B0) in Phase 2 of the Premier Circle redevelopment project. To support a successful LIHTC application for project financing, PHA is requesting the Albemarle County Board of Supervisors designate the project site as a revitalization area as defined by Virginia Code Section 36-55.30:2(A).
STRATEGIC PLAN: Quality of Life: Encourage a vibrant community with economic and recreational opportunities that serve all community members.
DISCUSSION: The project will contain a mixture of 1-, 2- and 3-bedroom apartment units distributed throughout three buildings. All 60 units will be made available to households with incomes between 30% and 60% of the area median income (currently $125,800 annually for a four-person household). A copy of the project plans included as Attachment A.
To help obtain this financing, Virginia Housing recommends that the local governing body adopt a resolution designating the development site as a Revitalization Area as defined under Virginia Code Section 36-55.30:2(A). The designation for the proposed project is based on the following conditions: (1) the project is located in area that is blighted, deteriorated or, if not rehabilitated, likely to deteriorate by reason that the buildings, improvements or other facilities in such area are subject to one or more of the following conditions: dilapidation, obsolescence, over...
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