AGENDA DATE: 9/6/2017
TITLE:
Title
Brookdale Affordable Housing Development
BODY
SUBJECT/PROPOSAL/REQUEST: Approval of Performance Agreement for the Brookdale Affordable Housing Development
ITEM TYPE: Regular Action Item
STAFF CONTACT(S): Walker, Kamptner, Letteri, White
PRESENTER (S): Ron White
LEGAL REVIEW: Yes
REVIEWED BY: Douglas C. Walker
BACKGROUND: Over the past seventeen years, Albemarle County provided various types of support for a number of multifamily developments. A number of these included support for the owner's application for Low-Income Housing Tax Credits (LIHTC) and mixed-income financing. Several have received financial support from the County including the renovation of the former Whitewood Village Apartments (now Park's Edge Apartments), renovation of The Meadowlands, and the construction of Wood's Edge Senior Apartments and Treesdale Apartments. The County provided financial support to nonprofit partners for each of these developments.
In March 2017, William Park with Pinnacle Construction approached the County to request financial support for the development of a proposed 96-unit multifamily rental property located on Mountainwood Road to be owned by Bluestone Land LLC. The proposed project is called Brookdale. The property is zoned R-15 allowing for the proposed ninety-six units utilizing a density bonus. The Albemarle County Economic Development Authority (EDA) induced the issuance of $11 million in tax-exempt bonds for the development. Use of tax-exempt bonds also provides for an allocation of LIHTC to provide equity for the project. It should be noted that LIHTC supports about 90% of new affordable housing units across the country. Receiving LIHTC allows the developer to raise private equity to construct and/or renovate multifamily properties requiring that rents be restricted and occupants have incomes that do not exceed allowable income levels. Brookdale must rent to households with incomes at or below s...
Click here for full text