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PHA urges council to favor smaller, deeper-affordability plan for Kindlewood Phase 4; warns larger option needs extra funds
Summary
Piedmont Housing Alliance presented two financing paths for Kindlewood Phase 4 — a more achievable ~90-unit plan and a riskier ~130-unit plan that would likely need an extra $5 million and rare LIHTC awards; councilors generally signaled support for the smaller, deeper-affordability option and directed staff to proceed with design under that approach.
Piedmont Housing Alliance on Feb. 2 asked the Charlottesville City Council to choose between two financing approaches for Kindlewood Phase 4 and explained why recent federal, market and financing changes make the choice urgent.
"I fundamentally think that the best chance of success is version A," said Sunshine Nathan, executive director of Piedmont Housing Alliance, presenting a pair of scenarios. Version A would aim for roughly 90 units and—based on PHA’s conservative projections—would rely on $4.5 million already committed in the city’s capital-improvement plan and on competitive but attainable low-income housing tax-credit (LIHTC) strategies. Version B would…
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