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Committee hears Affordable Housing Trust Fund briefing; forwards Walmsley revitalization resolution
Summary
Housing staff briefed the committee on the Affordable Housing Trust Fund's history, recent increases and program changes; the committee also forwarded a resolution designating 4611 Walmsley Boulevard as a revitalization area to allow the developer Links Venture to pursue Virginia Housing financing for a 219-unit, $64 million project.
City housing staff presented a detailed briefing on the Affordable Housing Trust Fund (AHTF), and the committee voted to forward a resolution designating 4611 Walmsley Boulevard as a revitalization area so the developer can pursue Virginia Housing financing.
Merrick Malone, director of Housing and Community Development, described the AHTF's history (created by ordinance in 2004), recent funding inflows and program oversight. Malone said the fund has received just over $42.3 million overall, with roughly $32.4 million coming through an EAHP program from FY2024 through FY2026; staff linked those recent investments with production or preservation of about 3,603 affordable housing units.
Janelle Pittman Shaw, the AHTF program manager, explained program mechanics and affordability bands. She outlined the difficulty of funding deep-affordability units (30% AMI): using an example one-bedroom unit, she showed a monthly operating cost of about $1,145 versus a 30% AMI rent payment of about $639, producing a monthly operating gap of roughly $506 (about $6,072 per year) that requires subsidy.
Martin Wegright, a former supervisory-board member, addressed the committee during public comment about an upcoming council ordinance (2026-45) that would create a new dedicated funding source for the trust fund totaling $62,800,000 over five fiscal years beginning FY2027 and expiring 06/30/2031 unless reauthorized. He urged caution about shifting from forgivable loans to repayable loans, warning that repayable products may reduce the subsidy available and could discourage developers who rely on forgivable loans.
Michelle Brown Peters, deputy director of Housing and Community Development, presented resolution 2026-R009 to designate 4611 Walmsley Boulevard as a revitalization area to allow Links Venture to pursue Virginia Housing financing for a 219-unit project (64 million estimated investment; all units at 60% AMI). Staff said Virginia Housing previously required a locality resolution for financing applications but has modified its process; staff also said future sign-off will involve the district counselor and a standard form.
The committee moved and seconded forwarding resolution 2026-R009 to council with a recommendation to approve. Committee members requested continued program evaluation, accurate reporting and cross-departmental coordination to support residents beyond housing (job development, supportive services) as the city seeks a predictable funding source for the AHTF.
