Albemarle County’s Office of Housing and Virginia Supportive Housing have signed a Memorandum of Understanding with an intent to award project-based vouchers for 80 units of permanent supportive housing at Premier Circle.
This agreement supports and further advances the long-term goals of both agencies to provide safe, affordable housing to those who are most in need and services through permanent supportive housing for homeless and low-income individuals. The PBVs also allow VSH to be more competitive when applying for Low Income Housing Tax Credits (LIHTC) which will make the project more financially feasible for VSH.
Project-Based Vouchers are Housing and Urban Development-subsidized rental units that become home to individuals participating in Albemarle County’s voucher programming. Of the 80 units of permanent supportive housing, 22 will be made eligible for PBV’S exclusively available to ACOH participants.
“Project-based vouchers are essential to the development and operation of permanent supportive housing. These vouchers will help to leverage over $9 million dollars in low-income housing tax credit equity. We are so grateful for Albemarle County’s support of this project,” said Julie Anderson, VSH’s Director of Real Estate Development.
Using HUD-approved PBVs within the development means that VSH must adhere to several federal regulations and requirements including Section 3 HUD assistance, environmental reviews and subsidy layering that will ultimately improve the success of the project.
“While ACOH is committed to providing safe, affordable housing to all eligible families, PBVs provide us with a unique approach by strategically allowing for multiple goals to be met. We not only house those in need but also enable provision of supportive services by working with an incredible organization like VSH. The power of partnership is clear,” said Philip Holbrook, ACOH’s Housing Program Manager.
ACOH’s intent to award is the first step in a multi-year development process. The project is expected to begin construction in the summer of 2023, with move-in for formerly homeless individuals slated for late summer 2024.
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