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Charlottesville approves $3.85 million forgivable loan, tax-increment boost for 501 Cherry Avenue affordable housing project
Summary
The city approved a $3.85 million forgivable loan and a separate performance-agreement change that grants 100% of the project's tax increment for 30 years to support the 71-unit 501 Cherry Avenue redevelopment, which includes long-term affordability covenants and a small rental-assistance voucher pool.
Charlottesville City Council approved an ordinance and a related resolution Tuesday to support the redevelopment of 501 Cherry Avenue, a mixed-use project that will include 71 affordable rental homes and ground-floor community-serving commercial space.
Acting housing program manager Madeline Metzler presented the ordinance, telling council the project has already secured 9% low-income housing tax credits and expects construction to begin later this year with completion in 2027 and occupancy by 2028. “The development will include 71 affordable rental homes along with commercial space for the music resource center and a community grocery store,” Metzler said, and she…
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