Real Estate Development Update: Southwood
Redevelopment of the Southwood community in Albemarle County has begun and we are excited to be part of the plans for this community which houses more than 1,500 residents in mobile homes.
We recently signed a memorandum of understanding with the Albemarle County Office of Housing (ACOH) for it to award us Project Based Vouchers for multifamily housing included in Phase 1 of the redevelopment.
These vouchers will allow us to be more competitive when applying for Low-Income Housing Tax Credit (LIHTC) funding.
The federal LIHTC program is sponsored by the U.S. Treasury Department and Virginia Housing administers the program in Virginia. The program encourages the development of affordable rental housing by providing owners a federal income tax credit. It also provides incentive for private investors to participate in the construction and rehabilitation of housing for low-income families.
We will submit the LIHTC application for Southwood in March and Virginia Housing announces decisions in June.
Real Estate Development Director, Andy Miller, is leading the effort and is optimistic about the tax credit allocation.
“Covid has pretty much disrupted everything, but the LIHTC process goes on. We’re excited to submit our application and get to work in the Southwood community,” he said.
Habitat for Humanity of Greater Charlottesville purchased the mobile home park in 2007 and since then has engaged residents as it moves toward redevelopment.