CRHA purchases two duplexes on Coleman Street
The entity that operates the city’s public housing sites has acquired its first new property in many years. The Charlottesville Redevelopment and Housing Authority has paid $675,000 for two parcels on Coleman Street.
“They’re two duplex, brick duplex units, currently renting for between $650 and $850 a month,” said John Sales, the CRHA’s executive director. “They are two bedroom, one bath units, so they are already affordable units.”
Sales said market-rate units are renting for about $1,500. He said CRHA learned of these properties about a month ago and put an offer in soon afterward.
“This all came about two months ago when we lost out on a property on 7 ½ Street and we talked to the city about how we could purchase it and they started looking through some of the accounts that CHRA is already authorized and granted such as the Charlottesville Supplemental Rental Assistance Program.”
That program was created in October 2017 to augment the CRHA’s ability to distribute federal housing vouchers. The U.S. Department of Housing and Urban Development authorizes a certain amount per year but does not fund all of them. The account had a balance of $2 million and the money could be used for this purpose.
Charlottesville City Council has to sign off on the matter and will do so at their meeting tonight. In the meantime, the CRHA borrowed money from the Charlottesville Area Community Foundation to cover the cost in the meantime.
“Our development partner for the redevelopment has agreed to fund it as a loan through the CACF that we pay back zero interest and we have 90 days to pay it back,” Sales said.
Sales said there is a potential to redevelop the site, but for now the units will remain for rent. Habitat for Humanity of Greater Charlottesville owns two adjacent parcels next door. Sales said there is still $700,000 left in the account and he wants to use it to purchase more property.
“We are still constantly looking to see what our opportunities may be out there where we can preserve affordable housing or take some units that aren’t currently affordable and make them affordable,” Sales said.
More on those units at 7 ½ Street in the forthcoming August property transactions report which will be out this week for paid subscribers of Charlottesville Community Engagement.
In other CRHA news, City Council is also expected to appoint two vacant positions to the CRHA Board of Commissioners at tonight’s meeting according to City Councilor Michael Payne.
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