AGENDA DATE: 3/4/2020
TITLE:
Title
Resolution - Revitalization Area Designation for Southwood LIHTC Project
BODY
SUBJECT/PROPOSAL/REQUEST: Resolution supporting determinations for Virginia Housing Development Authority Low Income Housing Tax Credit financing for a project in Southwood.
ITEM TYPE: Consent Action Item
STAFF CONTACT(S): Richardson, Walker, Kamptner, Baumgartner, Filardo, Pethia
PRESENTER (S): N/A
LEGAL REVIEW: Yes
REVIEWED BY: Jeffrey B. Richardson
BACKGROUND: The Piedmont Housing Alliance (PHA) is pursuing Low Income Housing Tax Credit (LIHTC) financing for an 80-unit affordable rental housing project on Block 12 (TMP 09000-00-00-0001A) in Phase 1 of the Southwood Mobile Home Park redevelopment. To support a successful LIHTC application for project financing, PHA is requesting the Albemarle County Board of Supervisors designate the development site as a revitalization area as defined by Virginia Code Section 36-55.30:2(A).
STRATEGIC PLAN: Infrastructure Investment: Prioritize, plan, and invest in critical infrastructure that responds to past and future changes and improves the capacity to serve community needs. Revitalize Aging Urban Neighborhoods: Continue the partnership with Habitat for Humanity using the Team Approach with a focus on quality community & non-displacement until the completion of the build out for Phase 1 of Southwood.
DISCUSSION: Piedmont Housing Alliance (PHA) is proposing to build 80 affordable rental units in Phase 1 of the Southwood redevelopment. The proposed project will be located on the portion of TMP 09000-00-00-0001A designated as Block 12 in the Phase 1 Concept Plan (Attachment D). To help finance the project, PHA is applying for Low Income Housing Tax Credits (LIHTC) through the Virginia Housing Development Authority (VHDA). This financing program requires that, at a minimum, 40 percent of the residential units in the development be reserved for households earning not more than 60 percent o...
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