Virginia Housing does not recommend funding for two CRHA projects
The Charlottesville Redevelopment and Housing Authority has appeared to have fallen short in its attempt to get financing for two planned redevelopment projects in a current funding cycle.
Virginia Housing, the entity that authorizes low-income housing tax credits in Virginia, has issued its final rankings for this year pending approval by their Board of Commissioners later this month.
Credits for 47 units in the Sixth Street Phase One project have not been recommended to be funded through what’s known as the Housing Authority pool. An application for additional credits for 113 units for the second phase of the redevelopment of South First Street also did not rank high enough to move forward. Virginia Housing granted credits for the second phase in 2020 and this second application was to fill in a funding gap caused by higher construction costs.
South First Street Phase One is currently under construction and is expected to be occupied earlier this year. That 62-unit project did receive low-income housing tax credits in 2021.
The only application recommended for funding from the Housing Authority pool this year is for new construction of 68 units in Norfolk by a company called Brinshore. In that project, 47 of the units would be supported through the credits.
CRHA executive director John Sales said is hopeful the Virginia Housing Board of Commissioners will reconsider the rankings at their next meeting in Richmond coming up later this month on June 21 and June 22.
“The Board in the past has fully funded Public Housing redevelopment efforts,” Sales said. “We are hoping the Board does the same thing this year when making final allocations.”
Sales said if Sixth Street’s request is not funded, CRHA will pursue another financing opportunity later this year or reapply in 2023. He said the South Street Phase Two project will move forward if another source can be found to fill in the funding gap.
You can download the full list of rankings from the Virginia Housing website.
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