Council extends loan to Woodard Properties for Dogwood Housing properties
Charlottesville has many tools in the effort to ensure some residential units in the city that are below-market. Two of them date back to 2007.
One is the Charlottesville Affordable Housing Fund, which has disbursed $46.7 million in funds since 2010 according to a report Council was briefed on this past April. (Deputy City Manager Sanders reviews recent audit of Charlottesville’s housing fund, April 6, 2022)
The other is a 2007 loan to the Piedmont Housing Alliance to assist Woodard Properties in acquiring Dogwood Housing.
“In 2007, Council at that time extended a loan in the amount of $850,000 for the acquisition of 57 residential units to be maintained as rental properties,” said Sam Sanders, the Deputy City Manager.
Sanders said Woodard Properties have come back to Council before to extend the loan and the latest period of forgiveness ends at the end of the month. They are requesting another five-year period.
Council granted the extension with no discussion except to substitute some of the language in the resolution.
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