PHA - Park Street Apartments
FISCAL YEAR 2024 BUDGET
Project Name: PHA - Park Street Apartments
Department: Community Solutions
Start Date: 7/01/2023
End Date: 6/30/2025
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.
Operating impacts are anticipated to be minimal as the property for this project is not owned or managed by the City of Charlottesville.