AGENDA DATE: 2/3/2021
TITLE:
Title
Revitalization Area Designation - Southwood Blocks 11 & 12
BODY
SUBJECT/PROPOSAL/REQUEST: Resolution supporting Revitalization Area designation for Virginia Housing Low Income Housing Tax Credit project on Blocks 11 & 12 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 a 127-unit affordable rental housing project on Blocks 11 and 12 (TMP 09000-00-00-0001A) in Phase 1 of the Southwood Mobile Home Park redevelopment project. To support a successful LIHTC application for project financing, PHA is requesting the Albemarle County Board of Supervisors designate the project 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
DISCUSSION: Piedmont Housing Alliance (PHA) is proposing to build 127 affordable rental units in Phase 1 of the Southwood redevelopment. The proposed project will be located on the portions of TMP 09000-00-00-0001A designated as Blocks 11 and 12. To help finance the project, PHA is applying for Low Income Housing Tax Credit (LIHTC) financing through Virginia Housing (formerly the Virginia Housing Development Authority). The project will contain a mixture of 1-, 2-, and 3-bedroom apartment units distributed throughout three buildings. All 127 units will be made available to households with incomes at or below 80% of the area median income (currently $75,100 annually for a four-person household). A description of the proposed project is included as Attachment A.
Virginia Housing recommends that the local governing body a...
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