AGENDA DATE: 8/19/2026
TITLE:
Title
Affordable Rental Housing Incentive Program (ARHIP) Request - Attain on 5th
BODY
SUBJECT/PROPOSAL/REQUEST: Consideration of recommendation to award incentive payments for the Attain on 5th project through the Affordable Rental Housing Incentive Program (ARHIP)
ITEM TYPE: Regular Action Item
STAFF CONTACT(S): Richardson, Dimock, Herrick, Curfman, Sumner, Pethia
PRESENTER (S): Stacy Pethia, Director of Housing and Jacob Sumner, Chief Finance Officer
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 which make at least 20 percent of the total residential units available to households with incomes at or below 60 percent of area median income in accordance with Housing Albemarle. The incentive is provided as a rebate of fifteen (15) percent 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 December 2025, Bonaventure submitted an ARHIP application packet for Phase 2 of the Attain on 5th renovation/redevelopment project (Attachment A). The project encompasses the construction of 165 multifamily units resulting in a total count of 309 apartments units on the site. Bonaventure is seeking an ARHIP award to assist with the construction and management of 62 affordable units (20% of the total units on the property) and proposes the following unit breakdown:
Ten percent (31) of the units offered at 60% of Area Median Income
? 10 two-bedroom/2 bath units...
Click here for full text