SIF191 UVA Affordable Housing Initiative

Project Manager: Pace Lochte

Approved: Winter 2023

Project Dates: 2/1/2023 – 1/31/2026

Total Funding: $1,100,000

Executive Summary

As part of President Ryan’s Great and Good Strategic Plan, UVA has committed to supporting the development of 1,000 – 1,500 affordable housing units on land in Charlottesville and Albemarle County using land owned by UVA or the UVA Foundation. The SIF award will cover consultant engagement, development and asset management advisory services, and legal and land transfer fees.  Affordable Housing website: https://prescouncil.president.virginia.edu/affordable-housing

Current Status: Active

Progress:

The University of Virginia’s Affordable Housing Initiative (AHI) continues to progress towards affordable and sustainable housing solutions in the Charlottesville-Albemarle region. Eight milestones within the pre-construction phase are complete for two of the three initial sites for development. These milestones include: 1) convening of the Advisory Group; 2) site review and due diligence; 3) listening tour 4) endorsement and announcement of sites; 5) solicitation of community input on sites; 6) initial financial analysis and massing studies; 7) a formal Request for Proposals (RFP) process; and 8) selection of development partners for two of the three initial sites for development (see Figure 1 below).

This work included significant benchmarking; establishment of a model for development; creation of foundational, community-driven development principles; a formal selection process for development partners; and substantial negotiation and analysis of legal agreements to guide the project going forward and ensure that the units remain affordable and high-quality for the long-term.