AGENDA DATE: 5/6/2026
TITLE:
Affordable Rental Housing Incentive Program (ARHIP) Request - Premier Circle Apartments
SUBJECT/PROPOSAL/REQUEST: Consideration of recommendation to award incentive payments for the Premier Circle Apartment project through the Affordable Rental Housing Incentive Program (ARHIP)
ITEM TYPE: Regular Action Item
STAFF CONTACT(S): Richardson, Dimock, Sumner, Herrick, Curfman, Pethia
PRESENTER (S): Stacy Pethia and Jacob Sumner
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 make at least 20 percent of the total residential units available to households with incomes at or below 60% of area median income (AMI) in accordance with Housing Albemarle. The incentive is provided as a rebate of 15% 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 November 2025, the Piedmont Housing Alliance submitted an ARHIP application packet for the Premier Apartment project (Attachment A). The project encompasses the construction of 60 Low Income Housing Tax Credits units targeted toward families with household incomes at or below 60% of AMI.
Premier Apartments will provide a mixture of 1-, 2-, and 3-bedroom apartment units with rents ranging from $583 per month for a 1-bedroom unit (affordable at 30% AMI) to $1,787 for a 3 bedroom unit (affordable at 60% AMI). The building will be designed and constructed to meet both Enterprise Green Communities and Zero Energy Ready Home stand...
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