The subject of this report, Phase I of Friendship Court Apartments, is the initial phase of the redevelopment of Friendship Court, an existing 150-unit subsidized garden and townhouse community on an 11.75-acre site in downtown Charlottesville, Virginia. When completed, the Friendship Court site will be converted into a mixed income rental community that could potentially include up to 500 units of subsidized, affordable and market rate rental apartments. Phase I (located on 3.87 acres) consists of 106 garden and townhomes units that include 46 subsidized unit and 60 affordable units which will be income-restricted in accordance with the Department of Housing and Urban Development’s median household income for the Charlottesville, VA HUD Metro FMR Area; 2022 tax credit incomes are presented in Table 1.