Applications are now being accepted for the Albemarle County’s Affordable Housing Investment Fund.
Donor Name: Albemarle County
State: Virginia
County: Albemarle County (VA)
Type of Grant: Grant
Deadline: 07/31/2026
Size of the Grant: Not Available
Grant Duration: Grant Duration Not Mentioned
Details:
The AHIF was established by Albemarle County to provide a funding mechanism for affordable housing-related projects. The primary purpose of the AHIF is to provide financial resources to address the affordable housing needs of individuals and families who live or work in the county by promoting, preserving, and producing quality, long-term affordable housing options; providing housing related services to low- and moderate-income households; and providing support for non-profit and for-profit organizations that actively address the affordable housing needs of low- and moderate-income households.
Priorities
- Provide housing options for households with income less than 60% of AMI;
- Include mechanisms to ensure permanent (90-year) affordability;
- Use County funding awards to leverage significant amounts of federal, state, or private funding;
- Are shovel ready. For projects that will be applying for Low Income Housing Tax Credit (LIHTC) financing, ‘shovel ready’ means the applicant will be submitting a LIHTC application during the next available application period;
- Support the economic and social diversification of Albemarle County neighborhoods; and
- Provide on-site resident services.
Eligible Projects
To be eligible for funding, the proposed project must meet the following general eligibility criteria:
- Eligible projects must have proposed new construction, an addition to an existing structure, conversion of an existing non-residential structure to residential units, or the substantial rehabilitation of an existing affordable multifamily structure.
- Eligible projects must be located within one of Albemarle County’s designated Development Areas.
- The applicant must own or have site control of the eligible project site.
- If the proposed project is not a by-right development, an applicant’s rezoning application must be approved by the Board of Supervisors, prior to the consideration or award of funds from the AHIF.
- At least 20% of the total residential units in the project must be offered as affordable housing as defined under Housing Albemarle.
- Minimum affordability periods of 30-years for rental units and 40-years for owner-occupied units must be maintained.
Eligible Activities
AHIF funds will be used to support affordable housing projects located within Albemarle County, unless otherwise approved by the Board of Supervisors. Eligible uses of the funds include:
- Predevelopment activities (nonprofit organizations only);
- Land acquisition and assembly;
- Land development;
- Buy-down of construction loan interest;
- Water and sewer connection fees;
- Construction of affordable rental housing units that serve households with incomes at or below 60% AMI;
- Construction of owner-occupied housing units affordable to households with incomes at or below 80% AMI;
- Preservation of existing housing occupied by households with incomes no greater than 80% AMI;
- Upgrades to energy efficient appliances;
- Improvements to the building envelope to reduce energy loss, improve comfort and lower utility costs;
- Renewable energy sourcing including solar geothermal and wind energy;
- Emerging housing needs as identified by county staff.
Eligibility Criteria
Albemarle County will accept and consider proposals from non-profit and for-profit qualified applicants that meet the following eligibility requirements:
- Nonprofit applicant is a designated 501(c)(3) nonprofit organization or equivalent, or a government entity.
- Applicant must not be in violation of any federal, state or local laws/regulations.
- Applicant has owned and/or developed at least one development that contains proffered affordable housing units, county funded or otherwise supported affordable housing units, income-restricted units, or market rate housing units that have been placed in service. If applying for Low Income Housing Tax Credits, the proposed project must meet Virginia Housing’s eligibility requirements as outlined in the Virginia Housing Low-Income Housing Tax Credit Manual.
For more information, visit Albemarle County.
