AGENDA DATE: 6/17/2026
TITLE:
Title
Proposed Project for the Albemarle Housing Investment Fund
BODY
SUBJECT/PROPOSAL/REQUEST: Consider funding Albemarle County Employer Assisted Housing Pilot Program
ITEM TYPE: Regular Information Item
STAFF CONTACT(S): Richardson, Herrick, Curfman, Dimock, Sumner, Pethia
PRESENTER (S): Kaki Dimock
LEGAL REVIEW: Yes
REVIEWED BY: Jeffrey B. Richardson
BACKGROUND: The Albemarle Housing Investment Fund (AHIF) was established in 2019 for the purpose of supporting the creation and preservation of affordable housing with one-time funds. Eligible activities include development of affordable rental units, affordable home ownership, rehabilitation and preservation of existing affordable units, and activities associated with implementing Housing Albemarle.
The board approved a process for the distribution of the AHIF in May 2025 which included 20% for staff-initiated projects that responded to emerging housing needs or implemented projects recommended by Housing Albemarle.
On March 18, 2026, the Board of Supervisors approved $3,518,176 in grants and $450,000 in loans from the AHIF to support rental development and housing preservation projects, leaving $840,000 in the AHIF for staff-initiated projects.
STRATEGIC PLAN: Safety & Well-Being - Nurture a safe and healthy community.
DISCUSSION: Albemarle County has experienced a steady increase in the value and median sales prices of its owner-occupied housing stock since 2016. According to the U.S. Census Bureau, in 2024 (the most recent year for which data is available), the median value of owner-occupied homes located within the County was $545,800. This value represents a 34% increase over the median home value for the County in 2019: $406,000. While this increase in value is good news for established homeowners, families currently seeking to purchase a home within the County face high-cost barriers to purchasing. The Virginia Association of Realtors reported the m...
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