COUNTY OF ALBEMARLE
Annual Housing Report
Report of 2007 Housing Initiatives
Messrs. Tucker, Elliott, Davis, White
LEGAL REVIEW: Yes
June 4, 2008
ACTION: INFORMATION: X
The Albemarle County Housing Committee and the Office of Housing are charged with recommending policies which align with the Board’s Strategic Goal of increasing affordable housing opportunities for those who live and work in Albemarle County as well as implementing programs to achieve this objective. During calendar year 2007, the County was successful in obtaining proffers from developers to address the goals of the County’s Affordable Housing Policy which resulted in increasing the County’s proffer inventory by approximately fifty percent (50%). The County also continued its operation of programs within the Office of Housing and with nonprofit partners to improve the safety and affordability of housing for the County’s lower-income residents.
The Committee and staff are pleased to present the attached report which highlights the housing initiatives in 2007 with measurements to gauge the effectiveness and efficiency of the publicly-supported initiatives. The report also briefly describes some changes in the market that impact both the production and financing of affordable housing and issues/recommendations under review by the Committee and staff.
Goal 1: Enhance the Quality of Life for all County Residents
Objective 1.2 By June 30, 2010, working in partnership with others, increase affordable housing opportunities for those who work and/or live in Albemarle County.
Housing programs continued to meet or exceed the goals of the Committee and the Office of Housing, with County contributions funding eleven percent (11%) of the total expenditures of $11,641,875 for affordable housing initiatives. Private funds, including VHDA loans, accounted for over fifty percent (50%) of the total expenditures. These initiatives provided assistance to approximately 1000 people from 650 families.
In 2007, two affordable housing proffers were satisfied with the County receiving $300,000 in cash to assist homebuyers and nine new affordable units were built and sold to eligible families. Over 600 additional affordable units and $500,000 in cash for affordable housing purposes were proffered in developments approved by the Board during the year. The last half of 2007 brought changes in the real estate and financial markets that will likely impact affordable housing for some period of time and could be a major factor for Housing activities in 2008. The market saw an increase in the number of units for sale and a decrease in median sales prices. However, this potential “good news” was offset with a more restrictive market for mortgages. Based on market forecasts, these changes may impact activity through 2009. If favorable financing is available, the market downturn could present affordable buying opportunities for our target population.
The Housing Committee continues its work on recommendations to promote long-term affordability of proffered units. The Committee is also beginning to look at ways to create new while at the same time preserve existing affordable rental units for very-low income households; however, it recognizes that the latter goal will require an increase in public commitment and public funding.
This report is for the Board’s information. There are no actions requested or required.
A - Annual Housing Report
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