PHA - Park Street Apartments

FISCAL YEAR 2024 BUDGET

SUMMARY

Project Name: PHA - Park Street Apartments

Department: Community Solutions

Start Date: 7/01/2023

End Date: 6/30/2025

PROJECT DESCRIPTION:

This funding is intended to facilitate construction of new affordable rental and homeownership housing units at the Park Street Christian Church and Hinton Avenue projects.

RELATIONSHIP TO comprehensive PLAN:

Chapter 5 : Housing


Goal 1. Funding Commitments

Establish and sustain a funding commitment to address affordable housing needs, tied to requirements to address community goals.


Goal 2. Diverse Housing Throughout the City

Support a wide range of rental and homeownership housing choices that are

integrated and balanced across the city, and that meet multiple City goals including

community sustainability, walkability, bike-ability, ADA accessibility, public transit use,

increased support for families with children and low-income households, access to food, access to local jobs, thriving local businesses, and decreased vehicle use.


Goal 7. Subsidy Programs

Focus and align subsidy programs with community-defined priorities and make

changes to increase the impact of public spending.


Goal 8. Collaboration

Coordinate local and regional housing goals.

PROJECT OBJECTIVES / STATUS:

Objectives: To provide funds for the construction of affordable housing units.


Status: This affordable housing project anticipates the new construction of approximately 50 rental units. Planning is underway and the owner/developer is anticipating Low Income Housing Tax Credit (LIHTC) application submittal in early 2023.

Cost Estimate

Operating Impacts

Operating impacts are anticipated to be minimal as the property for this project is not owned or managed by the City of Charlottesville.