AGENDA DATE: 3/6/2019
TITLE:
Title
The VistasDY
SUBJECT/PROPOSAL/REQUEST: Resolution for determination required for Virginia Housing Development Authority mixed income financing
ITEM TYPE: Consent Action Item
STAFF CONTACT(S): Richardson, Walker, Kamptner, White
PRESENTER (S): N/A
LEGAL REVIEW: Yes
REVIEWED BY: Jeffrey B. Richardson
BACKGROUND: The Vistas at South Pantops (Vistas) is a proposed 144-unit garden-style apartment community to be built on parcel TMP 07800-00-00-02000 on South Pantops Drive in Albemarle County. The proposal is a by-right development which has an approved preliminary site plan. Staff is working on the final site plan. The property is not located in a revitalization area as defined by Virginia Code ? 36-55.30:2(A).
STRATEGIC PLAN: Thriving Development Areas: Attract quality employment, commercial, and high density residential uses into development areas by providing services and infrastructure that encourage redevelopment and private investment while protecting the quality of neighborhoods
DISCUSSION: Management Service Corporation is the developer for The Vistas which will be owned by a Virginia limited liability company (LLC) to be formed and which will be managed by Douglas E. Caton.
An application is pending for a Virginia Housing Development Authority (VHDA) mixed-income financing for the Workforce 20/80 program. This program requires that 20% of the units to be reserved for households earning not more than 80% of the area median income. The Vistas would add twenty-nine (29) affordable units to the County's housing stock.
Albemarle County's HUD median income for 2018 is $89,600. Prior to loan commitment, Virginia Code ? 36-55.30:2(B) requires that the governing body adopt a resolution indicating that the Board has determined that including market-rate units in the development would enhance the LLC's ability to provide affordable units and that "private enterprise and investment are not reasonably e...
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