WHEREAS, the County of Albemarle is committed to ensuring that safe, decent, affordable, and accessible housing is available for all residents; and
WHEREAS, the County of Albemarle is committed to improving the livability of all neighborhoods and access to support services by residents; and
WHEREAS, the County of Albemarle is committed to preserving existing and promoting the development of new affordable housing stock; and
WHEREAS, the access to and use of federal low-income housing tax credits (LIHTC) as source of equity financing for affordable housing is critical in ensuring financial feasibility; and
WHEREAS, the Virginia Housing Development Authority (VHDA) administers the LIHTC program on a competitive basis; and
WHEREAS, applicants may receive additional points in the competitive process if the proposed development is in a revitalization area as defined by VHDA and certified by the locality; and
WHEREAS, the Treesdale Park development of 88 affordable rental units is proposed on a site which meets VHDA’s definition of “blighted, deteriorated, deteriorating or, if not rehabilitated, likely to deteriorate by reason that the buildings, improvements, or other facilities in such area are subject to one or more of the following conditions – dilapidation, obsolescence, overcrowding, inadequate ventilation, light, or sanitation, excessive land coverage, deleterious land use, or faulty or otherwise inadequate design, quality or condition … and, private enterprise and investment are not reasonably expected, without assistance, to produce the construction or rehabilitation of decent, safe and sanitary housing and supporting facilities that will meet the needs of the low and moderate income persons or families in such areas and will induce other persons and families to live within such area and thereby create a desirable economic mix of residents in such area” by virtue of the existence of two vacant, deteriorating structures sitting on approximately six acres of land in one of the County’s designated growth areas.
NOW, THEREFORE, BE IT RESOLVED that the County of Albemarle certifies that the proposed Treesdale Park site meets VHDA’s definition of a revitalization area recognizing that equity investments from the acquisition and sale of tax credits are necessary to make the development financially feasible and authorizes the County Executive to sign the Revitalization Area Certification.
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