AGENDA DATE: 5/20/2026
TITLE:
Fiscal Year 2027 Albemarle Housing Investment Fund Process Recommendations
SUBJECT/PROPOSAL/REQUEST: Presentation of proposed process steps and changes for the Fiscal Year 2027 funding competition of the Albemarle Housing Investment Fund for feedback.
ITEM TYPE: Regular Action Item
STAFF CONTACT(S): Richardson, Dimock, Herrick, Curfman, Sumner, Pethia
PRESENTER (S): Kaki Dimock
LEGAL REVIEW: Yes
REVIEWED BY: Jeffrey B. Richardson
BACKGROUND: The Albemarle Housing Investment Fund (AHIF) was established by the Albemarle County Board of Supervisors in 2019 with the purpose of financially supporting affordable housing projects with one-time funding that addresses the county's strategic and housing goals. Funding was provided on a first-come, first-served basis, as funding was available.
A competitive process was implemented for the Fiscal Year 2026 process. In May 2025, the board approved process changes including a funding split of 40% for grants, 40% for loans, and 20% for staff-initiated projects addressing emerging needs or meeting goals of Housing Albemarle.
Eligible uses of funds include: predevelopment activities; land acquisition and assembly; land development; buydown of construction loan interest; water and sewer fees; construction of affordable rental units for individuals at 60% or below area median income; construction of owner-occupied units for individuals at 80% or below area median income; preservation and renovation of existing affordable units; or significant energy upgrades of existing affordable units.
After the completion of the Fiscal Year 2026 process on March 18, 2026, staff received feedback and suggestions from AHIF recipients, county staff, and the Board of Supervisors and has prepared recommendations for the Fiscal Year 2027 competitive process.
STRATEGIC PLAN: Quality of Life: Encourage a vibrant community with economic and recreational opportunities that serve all community members....
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