CRHA details acquisition and rehabilitation plan for NOAH housing portfolio

John Sales, executive director of the Charlottesville Redevelopment and Housing Authority (CRHA), briefed council on the city’s jointly owned NOAH (naturally occurring affordable housing) portfolio, acquisition history, tenant income profiles and planned renovations.

Sales said the portfolio includes scattered-site properties acquired to preserve existing affordability, noting addresses such as 1016–1020 Coleman Street, 18 Montross and the Dogwood portfolio of about 74 scattered-site units, plus a single-family home at 100 Harris Road to protect a longtime tenant. He reported revenue of about $1.18 million and that operating expenses totaled roughly $1.09 million, leaving a modest net operating income after nonrecurring capital work (chiefly roof replacements).

Sales told the council the authority is exploring a 4% low-income housing tax credit/bond submission to renovate the Dogwood portfolio with estimated per-unit renovation costs of $45,000–$55,000 and to repay the city’s $5 million initial investment in the portfolio. He said roof replacements and other nonrecurring expenses were recently incurred and that staff are also exploring rooftop solar for tenant-billed units.

Councilors asked whether the acquisitions and rehab plan improve CRHA’s long-term financial stability; Sales and councilors discussed how mixed portfolios of market-rate and subsidized units are used by housing authorities to support operations, and he said many NOAH units show strong operating performance relative to traditional public housing. Sales also said that long wait lists and voucher shortages remain a major barrier to households accessing rental subsidy.

Council did not take action; CRHA and city staff said they will schedule a joint meeting of the CRHA board and council to discuss financing and next steps.