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Waynesboro approves $500,000 support to keep 1030 Austin Court affordable housing project on schedule
Summary
Council approved a resolution (5-0) to contribute $500,000 toward a $750,000 shortfall for the 1030 Austin Court affordable housing project (96 units, $36M budget), contingent on a $250,000 community foundation contribution; payments are scheduled across 2026–2028 under a performance agreement.
Council unanimously approved a resolution on April 13 to provide $500,000 to help close a funding gap for the 1030 Austin Court affordable housing project, a 96‑unit multi‑family development with a $36 million budget.
Staff described a recent federal funding reduction that left the developer with an approximate $750,000 shortfall. The community foundation has offered $250,000; council approved using the proposed community vitality fund and a performance agreement to provide the remaining $500,000 in three installments (200K in July 2026, 200K in July 2027, 100K in July 2028) contingent on the foundation contribution and construction milestones.
Council framed the contribution as leveraging public-private support to keep the project on schedule for a summer 2026 groundbreaking and rentals in spring 2028. A council member described the community vitality fund as the appropriate mechanism for the assistance.
What happens next: Staff will finalize a performance agreement through the economic development authority and monitor construction milestones prior to payments.
