Real Estate Developments

Northeast 11th Street Housing

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Description

The subject property, known as Northeast 11th Street Housing (fka Mews on Little High Street), is an existing affordable multifamily development located at 402 11th Street NE in Charlottesville, Virginia. The subject property consists of 40 revenue-producing units originally constructed in 1972 and renovated in 2007 with tax exempt bond financing. The sponsor has proposed to renovate the property with an allocation of tax credits. The subject property is open age community which leases units on a priority basis to tenants with special needs (mental and physical disabilities).

The subject property is proposed to consist of 40 revenue-producing units including 1-bedroom flats. A total of 6 units are proposed to be income restricted to 40% of AMI; a total of 14 units are proposed to be income restricted to 50% of AMI; a total of 20 units are proposed to be income restricted to 60% of AMI; no units are proposed to be set aside as market rate units; a total of 6 units are proposed to benefit from project-based rental assistance; a total of 10 units are proposed to benefit from HOME financing. The rent and income restrictions associated with the proposed allocation of tax credits will run for the next 30 years.

Project Details

Type

Multi-Family

Status

Planned

Address

402 11th Street NE

City

Charlottesville City

State

VA

Zipcode

22902

Start Date

7/1/24

Expected Completion Date

12/31/25

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Source(s):
VHDA
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          Sources:

          VHDA

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