The recent purchase of the Cavalier Crossings apartment complex on Fifth Street Extended by an Alexandria-based investment company prompted one member of the Albemarle Planning Commission to tell his colleagues the county should be investing in “social” housing.
“If we can think about how we can put county resources toward public goods, which to me includes UVA Health wage workers being able to afford to live here, then that’s progress,” said Nathan Moore, representative of the county’s Rio District, at the August 27 commission meeting.
In 2021, both Albemarle and Charlottesville adopted new housing strategies to increase the number of affordable units. While the city’s plan for affordability calls for spending $10 million a year on construction or maintenance of housing, the Housing Albemarle plan does not set a specific target. Still, county supervisors have authorized several investments.
“Since 2020, the county has invested $17.7 million into projects which have served around 3,000 households in one form or another,” says Stacy Pethia, Albemarle’s assistant director of housing.
Last week, Pethia told a citizen advisory panel that while the county prioritizes housing funds for those on the lower end of the income spectrum, there’s a need for housing for all levels in a community where the federally defined annual median income is $124,000.
“There’s a range of people that qualify for affordable housing and most of those people are the ones [whom] we rely on every day,” Pethia says.
In fiscal year 2024, Albemarle contributed $3 million toward the construction of Southwood Apartments by Piedmont Housing Alliance, $1.5 million to Habitat for Humanity for their Cardinal Hill apartments at Southwood, and $700,000 to the Premier Circle project underway by Virginia Supportive Housing. Another $311,655 went to the Albemarle Housing Improvement Program to help rehabilitate existing homes.
The Albemarle County Board of Supervisors agreed to contribute another $2 million to the housing investment fund in the current fiscal year. A decision about where that money should go will be made in the future.
On Wednesday, September 18, the Board of Supervisors will hold a public hearing on the county’s intention to apply for $6.5 million in federal funds, including $5 million to establish a revolving fund for loans to developers who build affordable housing units. The supervisors will also ask for $1 million for a fund to entice property owners to rent out units to people with housing vouchers to overcome any stigma that a tenant receiving assistance might face.
Albemarle administers 345 federal housing vouchers.
“It can be difficult sometimes for families to find a landlord that will accept their voucher,” Pethia says.
Albemarle is also seeking $435,000 in funds for construction of a future multifamily development, but it is currently unclear where that project might be.
As for Cavalier Crossings, The Bonaventure Multifamily Trust paid $20.5 million for the 144-unit complex and plans to renovate units to charge higher rents at market rate. Some leases have not been renewed as work gets underway.
The purchase did not require any legal notice, as none of the units were built with public money and no public funds are being requested by the new owner.
