Local Builder Lends Support to Friendship Court Redevelopment
Southern Development Homes (Southern Development) recently made a $250,000 donation to Piedmont Housing Alliance in support of its redevelopment of Friendship Court and specifically its plan to bring an Early Childhood Education Center to the community. Southern Development is an independent Charlottesville-based builder.
Why the decision to support Piedmont Housing?
“Southern Development builds homes and we build community. It is a natural fit for us to help PHA do the same,” the Charlottesville-based home builder said.
It added that the project “deserves big-time community support.”
“We are fortunate to be able to contribute to that,” Southern Development went on to say.
Piedmont Housing Alliance made a push for funding this month by submitting the application for the highly competitive Low-Income Housing Tax Credit (LIHTC) program.
The U.S. Treasury Department sponsors the LIHTC program and it is administered at the state level by the Virginia Housing Development Authority (VHDA). The program helps fund the development of affordable rental housing across the country by providing federal income tax credits that can be sold to corporations with large tax burdens. The sale proceeds then directly subsidize construction costs, ensuring long-term affordability.
However, that and any funds from the city of Charlottesville, will not cover costs all associatedwith the Early Childhood Center.
We are still in the early stages of conversations about the Early Childhood Center and will share more details later in 2019. If you are an organization or foundation that wants to learn more about it, you can contact our Executive Director Sunshine Mathon.