Annie Gould Gallery
Housing investment
Albemarle County to seek federal funding to jump-start initiatives
By Sean Tubbs
The recent purchase of the Cavalier Crossings apartment complex on Fifth Street Extended by an Alexandria-based investment company prompted one member of the Albemarle Planning Commission to tell his colleagues the county should be investing in “social” housing.
“If we can think about how we can put county resources toward public goods, which to me includes UVA Health wage workers being able to afford to live here, then that’s progress,” said Nathan Moore, representative of the county’s Rio District, at the August 27 commission meeting.
In 2021, both Albemarle and Charlottesville adopted new housing strategies to increase the number of affordable units. While the city’s plan for affordability calls for spending $10 million a year on construction or maintenance of housing, the Housing Albemarle plan does not set a specific target. Still, county supervisors have authorized several investments.
“Since 2020, the county has invested $17.7 million into projects which have served around 3,000 households in one form or another,” says Stacy Pethia, Albemarle’s assistant director of housing.
Last week, Pethia told a citizen advisory panel that while the county prioritizes housing funds for those on the lower end of the income spectrum, there’s a need for housing for all levels in a community where the federally defined annual median income is $124,000.
“There’s a range of people that qualify for affordable housing and most of those people are the ones [whom] we rely on every day,” Pethia says.
In fiscal year 2024, Albemarle contributed $3 million toward the construction of Southwood Apartments by Piedmont
Housing Alliance, $1.5 million to Habitat for Humanity for their Cardinal Hill apartments at Southwood, and $700,000 to the Premier Circle project underway by Virginia Supportive Housing. Another $311,655 went to the Albemarle Housing Improvement Program to help rehabilitate existing homes.
The Albemarle County Board of Supervisors agreed to contribute another $2 million to the housing investment fund in the current fiscal year. A decision about where that money should go will be made in the future.
On Wednesday, September 18, the Board of Supervisors will hold a public hearing on the county’s intention to apply for $6.5 million in federal funds, including $5 million to establish a revolving fund for loans to developers who build affordable housing units. The supervisors will also ask for $1 million for a fund to entice property owners to rent out units to people with housing vouchers to overcome any stigma that a tenant receiving assistance might face.
Albemarle administers 345 federal housing vouchers.
“It can be difficult sometimes for families to find a landlord that will accept their voucher,” Pethia says.
Albemarle is also seeking $435,000 in funds for construction of a future multifamily development, but it is currently unclear where that project might be.
As for Cavalier Crossings, The Bonaventure Multifamily Trust paid $20.5 million for the 144-unit complex and plans to renovate units to charge higher rents at market rate. Some leases have not been renewed as work gets underway.
The purchase did not require any legal notice, as none of the units were built with public money and no public funds are being requested by the new owner.
Albemarle County has made at least $4.5 million in investments to help hundreds of units in Southwood remain affordable to households with income below 60 percent of the area median. ATLANTIC
LOCUST AVENUE
Charming, 1929 brick home with 4 bedrooms and 2 1/2 bathrooms. Convenient North Downtown location. Tastefully renovated and updated without losing the original character. Home features 9’ ceilings, built-in bookcases, beautiful woodwork, trim and crown molding. Professionally landscaped yard with mature planting. Good off-street parking.
SPRING BROOK DRIVE
2 story brick home set on 3.6 acres in the heart of Ivy. Home had 4 bedrooms, 4.5 bathrooms, hardwood floors, a sunroom and a full basement. Ivy Elementary School District.
HATTON FERRY
Fabulous renovation of a 1880 gem in Albemarle County. Hatton on the James is an historic estate, set on 13.9 acres fronting on the James River. Lovingly & authentically restored. The 500 sq. ft. wrap-around porch extends the living area. Light pours in though the banks of windows. The open, double staircase leads from the center hall to the second floor landing. Extensive gardens and walkways. Numerous perennials and hardscapes made of flagstone, brick, soapstone terraced parterre & mature gardens. Property includes a charming one bedroom guest house, gardener’s shed and a writer’s studio. Easy access to water activities. 19 miles to Charlottesville. $2,150,000 BY APPOINTMENT ONLY, CALL SHARON!
Over 25 years of Real Estate experience. email: callsharon.today@yahoo.com cell: 434.981.7200
EDGEMONT
Nestled in the foothills of the Blue Ridge Mountains, 15 miles south of Charlottesville, is this rare 572-acre historic estate whose design is reputed to be the only remaining private residence attributed to Thomas Jefferson. $15,000,000 Court Nexsen, 646.660.0700 www.HistoricEdgemont.com
FIELDS OF BOAZ
A country French estate on 24 acres 6 miles from the University of Virginia. Timeless charm and modern luxury with soaring ceilings, spacious primary suite, home office, wine cellar, guest quarters, and private pond. MLS#652608
$3,995,000 Court Nexsen, 646.660.0700
HIGH FIELDS
Scenic 42-acre farm 10 miles from Charlottesville. Features pastures, woodlands, serene creek, antique farmhouse, updated kitchen, 3-BA, 4-BR, and panoramic Blue Ridge Mountain vistas, and substantial barn. MLS#651245 $1,695,000 Jim Faulconer, 434.981.0076 or Will Faulconer, 434.987.9455
Charming cottage on 3+ acres in Ivy! Light-filled with living, dining, kitchen, sunroom, study, primary BR, bath, second BR on main floor. Lower level has bonus room, BR & bath. Recently updated floors, roof, sunroom tile. Private deck, mature landscaping, pond, Fiber Optic available. MLS#655171 $598,000 Charlotte Dammann, 434.981.1250
FARMINGTON
Elegant Farmington Country Club residence on 5 acres with stunning Blue Ridge Mountain views. Offering privacy, yet great convenience to Charlottesville and the Club amenities, this 5-BR home includes a guesthouse, pool, separate office and garage. MLS#650584 $5,795,000 Tim Michel, 434.960.1124
436+ acre parcel of land in Southern Albemarle! 4 division rights; complete privacy; lush, gently rolling terrain; long road frontage; stream; 3-acre lake; 125-135 acres of open land; mature hardwood forests. Under conservation easement. MLS#651411
$2,985,000 Charlotte Dammann, 434.981.1250
HISTORIC STAUNTON
Meticulously renovated National Historic Register home, blending modern amenities with remarkable charm. 5-bedrooms with hardwood floors, stained glass windows, and trim. Quartz kitchen, magnificent primary suite, terrace apartment. MLS#653080 $1,295,000 Court Nexsen, 646.660.0700
CHERRY HILL TOWNHOME
Exceptional brick, end-unit in popular Cherry Hill! Walk to the University of Virginia Hospital and Grounds. This 3-level features a beautiful gardener’s fenced yard. Elegant entry, open floor plan, owner’s suite, and 2 guest beds. 1stfloor bonus room and garage! MLS#655503 $515,000 Katherine Leddington, 646.593.0333
BENTIVAR MANOR
Exquisite brick home on 88 acres less than 5 miles from city limits. Residence is in excellent condition, 7-BR & 11,000+ sf. Property is a mix of pastures & woods with long frontage on the Rivanna River, & miles of trails. MLS#652353 $4,875,000 Jim Faulconer, 434.981.0076 or Will Faulconer, 434.987.9455
BELLAIR
Recently renovated contemporary home in soughtafter Bellair neighborhood! With 4-BR, 3.5 baths, and a vaulted great room, this residence offers superb construction. Enjoy stunning views from the screened porch. MLS#652438 $2,675,000 Jim Faulconer, 434.981.0076 or Will Faulconer, 434.987.9455
FRAYS MILL
Wooded 81.395-acre preservation tract near Frays Mill Subdivision in Albemarle Co., 6 mi from Charlottesville Airport, shops, restaurants. Ideal for recreation, agriculture, and private home with mountain views. MLS#651664 $995,000 Jim Faulconer, 434.981.0076 or Will Faulconer, 434.987.9455
EAST WATER STREET
Rare opportunity for a unique downtown office/ retail condo with deeded onsite parking space! Located in the Holsinger Condo on Water Street, one block removed from the Historic Downtown Mall. Easily accessible to UVA and all Charlottesville has to offer. $425,000 Charlotte Dammann, 434.981.1250
HOLLY HILL
MEADOW FARM