Like many university towns, Charlottesville-Albemarle experiences an affordable housing crisis. In the area, there is a 4,000 unit shortage of affordable rental housing, as much of the recent developments are luxury rentals. Far too many low-income and even middle-income families are rent-burdened, meaning they pay at least 30% of income for housing. Others pay as much as 50% or more of their income for housing, meaning they must choose between paying rent and feeding their families.
Increasing the affordable housing stock is going to take years to complete. In order to do that, though, strategic conversations must take place and a coordinated, inter-jurisdictional plan made. In 2007, IMPACT brought forth officials from Charlottesville City, Albemarle County, and the University of Virginia to participate as a task force to jointly address the serious shortage of affordable housing.
Then, over the next two years, IMPACT pressed for funding of the adopted task force plans.
Charlottesville City set up an Affordable Housing Trust Fund, into which almost $7million has been invested to date. As a result, the City has built or preserved almost 500 units of affordable housing, including The Crossings of Fourth and Preston, Charlottesville’s first mixed-income development.
Albemarle County has committed over $1 million, which has built or refurbished over 350 units of affordable housing.