Albemarle County commits $3.2M to support redevelopment of mobile home park
The agreement outlines up to $3.2 million in new commitments to this project, through $1.8 million in direct contributions and $1.4 million in tax rebates through synthetic tax increment financing (Syn-TIF). The Performance Agreement supports up to 155 affordable dwelling units; enables redevelopment of substandard housing via non-displacement with safe, affordable housing options; partners on a $93 million public-private investment in an Opportunity Zone; and achieves Comprehensive Plan goals.
“This agreement represents a significant investment in safe, affordable housing for our community,” shared Board Chair Ned Gallaway. “Albemarle County is proud to support this redevelopment project and this partnership.”
The Performance Agreement pertains to Phase I of the overall redevelopment project, which encompasses approximately 32.5 acres across 3 parcels along Old Lynchburg Road. The Performance Agreement supports at least 75 Habitat-built or Habitat-contracted affordable dwelling units, with affordability maintained for 40 years, and up to 80 Low Income Housing Tax Credit affordable dwelling units, with affordability maintained for 30 years.
In October 2016, the Albemarle County Board of Supervisors passed a resolution supporting a collaborative redevelopment process for the Southwood community. Specifically, the Board resolved, “that the Southwood redevelopment project represents an essential public/private partnership opportunity that is consistent with the Comprehensive Plan and the County’s broader strategic goals, the success of which is greatly influenced by the extent and quality of active engagement between representatives of Habitat and representatives of the County, including County staff”.
Since then, the County has supported the redevelopment project in a variety of ways – providing dedicated staff support, applying for and receiving a $2.25 million Virginia Communities Initiative grant from VHDA and DHCD, and contributing $675,000 to support the rezoning deliverables. This project has been included in the Board’s Strategic Plan for Fiscal Year (FY) 2017 – 2019 and FY 2020 – 2022.
Southwood Mobile Home Park is comprised for 341 mobile homes on 120 acres off Old Lynchburg Road. Approximately 1,500 residents live in Southwood. A subsidiary of Habitat for Humanity owns the property and is seeking to redevelop through non-displacement of residents. The redevelopment goal is to create a mixed use, mixed income community.
A performance agreement is a contract that establishes expectations and accountability for meeting standards enumerated within the agreement.