The Albemarle Economic Development Authority has adopted a resolution releasing Habitat for Humanity of Greater Charlottesville of its obligations related to a ground lease for the Southwood Mobile Home Park.
According to Albemarle’s property records, Habitat purchased the land and trailers at Southwood on March 1, 2007. Senior Assistant County Attorney Richard DeLoria said the Albemarle EDA took on the note for some of the debt in 2010.
“Long story short is that the EDA assumed a $6 million obligation that was secured by a deed that was presented to the EDA,” DeLoria said.
DeLoria said Habitat paid back the funding in the form of rent to the EDA but now Habitat is seeking to refinance. That means they needed to clear up the obligation to the EDA.
“Habitat would like a deed of release from the EDA and also a termination agreement for the lease,” DeLoria said.
The vote to adopt the resolution was unanimous. As of the March 15, 2022 EDA meeting, Habitat had not completed the refinancing packet.
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