The ownership structure for legacy projects owned by the Charlottesville Redevelopment and Housing Authority continues to change as the entity prepares to modernize and build upon older spaces.
On June 16, Charlottesville City Council held the first of two readings on a resolution to approve the creation of limited liability corporations for both the second phase of redevelopment at CRHA’s Sixth Street property and the first phase of work at the Westhaven property. This is a key step to become eligible for Low Income Housing Tax Credits.
“These entities are to support project financing and the development,” said Antoine Brown, the city’s housing program manager. “As part of these efforts, CRHA must establish single purpose entities to serve as ownership and or management entities in order to comply with [Internal Revenue Service], [United States Department of Housing and Urban Development] and Virginia Housing requirements.”
Brown said each phase needs to have its own LLC because the investors who purchase the tax credits may be different from each other.
“Each entity has its own entity and CRHA is the owner of that entity,” Brown said.
City Council has agreed to commit $15 million in funds toward the redevelopment of Westhaven in the form of three $5 million payments over three years.
Before you go: This story was first published in the June 25, 2025 edition of Charlottesville Community Engagement and then published here three days later. The source material is the June 16, 2025 meeting of Charlottesville City Council.
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