Albemarle County proposes to use up to 15% (64 vouchers) of the total authorized 424 vouchers as project-based vouchers to preserve existing affordable rental units and create new affordable rental units. Currently all 424 vouchers are eligible to be project-based.
Project-based vouchers will be considered for projects that address at least one of two strategies: 1) preservation of existing affordable units likely to be lost due to sale, refinance, and/or opt-out of federal contracts by the owner(s); and, 2) creation of new affordable rental housing when a nonprofit agency is a partner and has executed a first right-of-refusal that may be exercised within 15 years or, if a tax credit deal, owner has agreed to an extended compliance period of 30 years.
Additional criteria may be used to evaluate requests including, but not limited to, population to be served, services/amenities provided that are appropriate to population to be served, and likelihood that the project will not be preserved or developed without local financial support.
The County will develop a process for notification and application for available vouchers. The process for awarding project-based vouchers will be competitive and/or provide vouchers to applicants who have received other project funding through a competitive process.
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