AGENDA DATE: 10/3/2018
TITLE:
Title
Park's Edge Apartments
BODY
SUBJECT/PROPOSAL/REQUEST: Discussion of proposal for the purchase of Park's Edge Apartments by the Piedmont Housing Alliance
ITEM TYPE: Regular Information Item
STAFF CONTACT(S): Richardson, Walker, Kamptner, Graham, White
PRESENTER (S): Ron White
LEGAL REVIEW: Yes
REVIEWED BY: Jeffery B. Richardson
BACKGROUND: Park's Edge Apartments is a ninety-six (96) unit affordable multifamily property located on Whitewood Road. The development includes a community center which was funded in part with Community Development Block Grant funds. The property is owned by Albemarle Housing Associates L.P., a for-profit entity associated with the Albemarle Housing Improvement Program (AHIP). Formerly known as Whitewood Village Apartments, Park's Edge was a U.S. Department of Housing and Urban Development (HUD) financed development under the Moderate Rehabilitation Program which included subsidies to ensure affordability.
With the subsidies set to expire in 2002, Albemarle County approached AHIP in 1998 to assist in preserving the property as affordable. The initial plan was to convert the property to a resident-managed development. The County secured a planning grant to conduct resident outreach to determine the capacity for the residents to take over the property. It was determined early in the process that there was limited capacity among the residents to assume this responsibility. AHIP, with County support, shifted the focus to purchasing, renovating, and preserving the property as affordable rental units.
These efforts led to the eventual purchase and renovation of the apartments and the construction of a community center with all units placed in service by 2004 using low-income housing tax credits (LIHTC) which require a fifteen-year (15) compliance period. That period ends in 2019 which will allow AHIP to retain the property as is, restructure the current financing, or sell the...
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