COUNTY OF ALBEMARLE
Crozet Crossings Housing Trust Fund
2006 Annual Report
Mr. Tucker; Ms. White; Mr. White
LEGAL REVIEW: Yes
December 13, 2006
ACTION: INFORMATION: X
The Crozet Crossings Housing Trust Fund was established in 1994 via an agreement between the County of Albemarle, the Charlottesville Housing Foundation (CHF), and the Albemarle Housing Improvement Program (AHIP) as a means of holding notes on houses in Crozet Crossings and recovering funds upon the resale of houses in Crozet Crossings. It was required to be established as a condition of the Virginia Department of Community Developmentís approval of the Community Development Block Grant for the Crozet Crossings project. The Trust Fund is responsible for reusing recovered funds for housing projects that benefit low- and moderate-income households. The Fund is managed by five trustees and staffed by the Chief of Housing.
This report is provided as information to the Board of Supervisors to summarize the activity over the past five years and to present the current financial status of the fund. No action is requested for the report. However, next spring the trustees plan to recommend future projects that can be supported by available funds and the Board will be asked to make the necessary appropriations at that time.
Enhance the Quality of Life for all Albemarle County Residents
The Trustees for the Crozet Crossings Housing Trust Fund met on November 16, 2006 to review the financial position of the Fund and consider issuing a Notice of Funds Available (NOFA) for available funds. The Fund is in a very good financial position with over $330,000 in cash. The attached summary shows the funds condition for each year since it was established. In 2002/03, the Fund made a loan to AHIP in the amount of $90,000 to support the construction of five new houses in Esmont as a part of a community revitalization project. Since that time, the Fund has received repayments, recapture, and interest earnings of almost $270,000. With the recent repayment of $50,000 from AHIP, the Fundís cash balance is $332,009.75.
In addition, the Fund has receivables estimated to be $533,466 with all but $40,000 (balance of AHIPís loan) representing fourteen loans of $269,720 and equity recapture of $223,746. These loans and the recapture of equity are due and payable only upon the sale or refinancing of the property and will be forgiven if the owners continue to maintain their properties as their primary residence for thirty years from the date of the loan.
The Trustees also directed staff to proceed with the issuance of a NOFA for at least $300,000. The NOFA will specify projects that are eligible for funding and establish eligibility requirements for application. All funds must benefit those households with incomes at or below 80% of the area median income.
None, funding comes from restricted program income.
This report on the Crozet Crossings Housing Trust Fund is for information purposes only at this time.
A - Crozet Crossings Financial Summary
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