AGENDA DATE: 3/4/2026
TITLE:
Proposed Projects for Affordable Housing Investment Fund (AHIF) Support
SUBJECT/PROPOSAL/REQUEST: Consideration of proposed uses of the Affordable Housing Investment Fund (AHIF).
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: Since Fiscal Year 2019, Albemarle County has maintained the Affordable Housing Investment Fund (AHIF) to support housing initiatives that further the County's strategic and housing goals, which were adopted by the Board on July 7, 2021.
On May 21, 2025, the Board held a work session to discuss changes to the way the AHIF is administered. Board members expressed support for the new fund guidelines with minor changes, which staff incorporated into the fund structure. Under the new program guidelines, AHIF applications are rated against a series of metrics with applications needing to score at least 75% of the total available points to be considered for funding. Beginning in FY 2026 AHIF funds are being disbursed as follows:
40% of uncommitted funds will be provided as grant funding, and 40% of uncommitted funds will be provided as low-cost loans with the remaining 20% of the fund balance reserved for staff identified projects addressing an emerging housing need.
On January 9, 2026, staff began accepting applications for AHIF funding. At the close of the application period on January 31, 2026, a total of seven applications had been submitted with a total cumulative request of $7,343,652.
STRATEGIC PLAN: Quality of Life: Encourage a vibrant community with economic and recreational opportunities that serve all community members.
DISCUSSION: At the completion of the application process, an inter-departmental County team reviewed the submitted AHIF applications and rated them using the scoring matrix. To accommodate the funding requests of all applications that rea...
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