AGENDA DATE: 10/21/2026
TITLE:
Title
Affordable Housing Investment Fund Recommendations
BODY
SUBJECT/PROPOSAL/REQUEST: Consider recommendations for AHIF funding including FY2027 competitive process
ITEM TYPE: Regular Action Item
STAFF CONTACT(S): Richardson, Dimock, Sumner
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 that address the county’s strategic and housing goals with one-time funding. AHIF may be used for 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. Proposed projects must be shovel-ready, within the existing Albemarle County Development Area, and remain affordable for at least 30 years for rental units and 40 years for owner-occupied units.
Historically, AHIF funding was provided to applicants on a first come, first served basis, as funding was available. In FY2026, a competitive process was established as a mechanism for distribution of budgeted funds. Following the inaugural process, the board approved process changes for the FY2027 competition including making 90% ($6,329,700) of budgeted AHIF funds available for grants or loans, and 10% ($703,300) for staff-initiated projects addressing emerging needs or meeting goals of Housing Albemarle. The FY2027 adopted budget includes $7,033,000 for the AHIF.
The FY2027 AHIF accepted applications, submitted electronically, in July. A Review Team consisting of external subject m...
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