Real Estate Development

Real estate development at Piedmont Housing Alliance is resident-centered and focuses on improving housing and financial outcomes for the communities we serve.

Our real estate development team continued to grow during 2020 as we added two real estate development managers.

Friendship Court Redevelopment

As with most construction projects, start of construction at the Friendship Court community was delayed due to covid-19.

Construction on Phase 1 of the Friendship Court redevelopment was initially moved to fall 2020 and is currently expected to begin in late spring of 2021.

The delay for starting Phase 1 is not expected to delay Phase 2 and does not change the what will happen in Phase 1.

Phase 1 is set to include:

  • 106 new units across three buildings, including 35 walk-up townhomes and 71 units in a 4-story, elevator served building, including 46 Section 8 units for current residents in the Phase 1 area.
  • New leasing offices, playgrounds, basketball court, and green space with pavilion
  • Community Resources Center that will include a new community center and Early Learning Center

Funding Recap

All funding for Phase 1 has been identified. 

We previously announced the funding below:

  • Tax credits: Last summer the Virginia Housing Development Authority (VHDA) awarded Friendship Court $15,888,440 in tax credits from the U.S. Treasury Department’s Low Income Housing Tax Credit (LIHTC) program.
  • Affordable and Special Needs Housing (ASNH) loan: Earlier this year we announced that we had received $2,000,000 in funding from the Virginia Department of Housing and Community Development (DHCD) for Affordable and Special Needs Housing (ASNH).
  • Funding from the city’s Capitol Improvement Program. It was previously announce that funding from Charlottesville’s Capitol Improvement Program will total $5.4 million.