The Charlottesville Redevelopment and Housing Authority will hold a public hearing next Monday on the issuance of up to $23 million in bonds that would be used by a California-based company to redevelop Midway Manor. In January, the property sold for $16.5 million, more than double its 2022 assessment of $7.5 million.
According to a legal notice published in the Daily Progress, the new company has requested the CRHA issue up the exempt facility bonds “to assist the Applicant in financing or refinancing a portion of the costs of acquiring, constructing, renovating, rehabilitating and equipping an age restricted affordable housing development to be known as Midway Manor Apartments, to consist of 94 one-bedroom units and 4 two-bedroom units.”
The notice states in capital letters that taxpayer funds will not be sought to pay back any of the debt that Standard Midway Manor Venture LP will incur. To learn more about exempt facility bonds, visit the Legal Information Institute at the Cornell Law School.
Since February 1, Midway Manor is now under management by the Franklin Johnston Group. Financing of the houses is provided by the U.S. Department of Housing through the Section 8 program, which bases rents on the income of tenants.
In an email this morning, CRHA Executive Director John Sales said the agency’s only role will be to issue the bonds.
Low-Income Housing Tax Credit applications underway
We are in the season when providers of affordable housing are preparing applications for Low Income Housing Tax Credits in advance of a March deadline. Summaries have been sent to the agency formerly known as the Virginia Housing Development Authority and that’s required notifications to localities. (read all of the summaries)
- Piedmont Housing Alliance is seeking credits for 30 rental units at the Monticello Area Community Action Agency property on Park Street. These will be four one bedroom units, 22 two bedroom units, and four three bedroom units.
- The Charlottesville Redevelopment and Housing Authority seeks credits from the housing authority pool for 60 units for Phase 1A of the Sixth Street redevelopment with half of them being one bedroom and the other half being two bedroom units.
- This is separate from Phase 1 of the Sixth Street redevelopment, for which CRHA is seeking credits from the housing authority pool for 44 units with eight of them one bedroom, 20 two bedroom units, and 16 three bedroom units.
- CRHA is also seeking credits for 113 units in the second phase of redevelopment of South First Street. These would replace existing units and would consist of 19 one bedroom units, 38 two bedroom units, 26 three bedroom units, 15 four bedroom units, and 15 with more than four bedrooms.
Last week, the company that is constructing the development of Friendship Court issued a press release announcing the groundbreaking from January. The firm Harkins is based in Columbia, Maryland.
“Friendship Court’s redevelopment will be the largest construction of low-income housing for the area in over 20 years,” reads the release. “A multi-phased project, Phase 1 will consist of 106 units with buildings 1 and 2 totaling 35 stacked townhome-style units, while building 3 will include a one-level structured parking garage and three levels as a wood-framed, center corridor apartment building.”
The project is being built to Passive House standards and will be Harkins’ third such project.
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