City announces new funding opportunities for affordable housing projects
Charlottesville City Council adopted an affordable housing plan in March 2021 and more than a year and a half later one of the recommendations is being implemented.
“Charlottesville should build governance structures that institutionalize an equitable and efficient implementation of the Affordable Housing Plan,” reads one goal on page 13 of the plan.
One strategy to achieve that goal is to create a standardized funding process. Yesterday the city issued a Notice of Funding Availability that lays out four several ways for organizations to apply for money for affordable housing initiatives.
“City preference identifies affordable housing initiatives as those that support long-term affordability for households earning up to 60% Average Median Income (AMI),” reads the announcement.
- There is $414,970 available through the Community Development Block Grant program and $112,173 through the HOME program. A request for proposals is currently open with an October 31 deadline.
- There is $575,000 available through the Housing Operations & Program Support category in the city’s Vibrant Communities Fund and that request for proposals will go out on December 1.
- There is $835,000 available through the Charlottesville Affordable Housing Fund to be “used to directly support affordable projects or initiatives.” That request for proposals would go out on January 1.
- The fourth category is for “Housing Development Project Investments” for “Housing developments projects requesting significant investment consideration by the City including [Low Income Housing Tax Credit] projects.” This one includes the least information with no preset amount of funds specified and with no date for when this funding would be available. The announcement states that this is intended to be “gap funding” for multi-family affordable housing projects.
Recent examples of the latter include a $5.5 million forgivable loan to the Piedmont Housing Alliance for the first phase of redevelopment at Friendship Court. Low-Income Housing Tax Credits are authorized by the entity formerly known as the Virginia Housing Development Authority and the next round of awards will be made next spring.
The Office of Community Solutions will issue the requests for proposals and details about each are in the notice that went out Thursday.
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