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Charlottesville council approves up to $7 million in bonds to finance Kindlewood Phase 3
Summary
At a special meeting, council members approved a resolution authorizing the Charlottesville Redevelopment and Housing Authority to issue up to $7,000,000 in tax-exempt revenue bonds to help finance Phase 3 of the Kindlewood redevelopment, unlocking eligibility for 4% LIHTC credits to support 85 new units.
Charlottesville’s city council approved a resolution at a special meeting authorizing the Charlottesville Redevelopment and Housing Authority (CRHA) to issue up to $7,000,000 in tax-exempt revenue bonds to support Phase 3 of the Kindlewood redevelopment project.
Madeline Metzler, acting housing program manager with Neighborhood Development Services, told council the bond issuance would allow Piedmont Housing Alliance (PHA) to access 4% low-income housing tax credits (LIHTC) that are essential to the project’s financing. Metzler said the issuance would be as a conduit issue by CRHA and that neither the city nor CRHA would be…
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