ALBEMARLE COUNTY, VA - Albemarle County Office of Housing (ACOH) and the Piedmont Housing Alliance (Piedmont Housing) have signed a memorandum of understanding to award Project Based Vouchers to Piedmont Housing for multifamily housing included in Phase 1 of the Southwood community’s redevelopment. These vouchers will allow Piedmont Housing to be more competitive when applying for Low-Income Housing Tax Credit (LIHTC) funding, making the project more financially feasible for Piedmont Housing and more accessible to lower-income community members.
Project Based Vouchers (PBVs) are Housing and Urban Development (HUD) subsidized rental units made available to families participating in Albemarle County’s voucher programming.
“The project-based vouchers will strengthen the community’s need for housing affordable to families at a broad range of income levels, in particular those families most in need. We are deeply thankful to the County for partnering on this vision,” said Sunshine Mathon, Piedmont Housing Alliance’s Executive Director.
By gaining HUD approved PBVs within the development, Piedmont Housing will be required to adhere to certain federal regulations and requirements including Section 3 HUD assistance, Environmental Reviews, and Subsidy Layering that will ultimately improve the success of the community.
“Placing PBVs in the community ensures that a key ACOH strategy of de-concentrating poverty and expanding economic opportunities is met,” says Philip Holbrook, who manages Albemarle County’s Office of Housing. “Fortunately, many of ACOH’s and Piedmont Housing’s goals align, providing the opportunity for a unique partnership that will ultimately provide more safe, affordable housing to those who are most in need.”
ACOH’s intent to award is the first step in a multi-year development process. The project is slated to begin construction in the spring of 2022, with an anticipated move-in date for families in the fall of 2023.