Carlton Views An affordable housing project that is right for Charlottesville 1335-7 Carlton Avenue Charlottesville, VA

Introduction Carlton Views is a mixed-use project built on approximately 5.25 acres located at 1335-7 Carlton Avenue. The Site was an obsolete concrete plant and considered an eyesore in the community. Carton Views in being built in multiple phases

Master Plan Parcel B: PACE Center Parcel A: 48 Affordable Units Parcel C: 52 Affordable Units

Phase I: Blue Ridge PACE Blue Ridge PACE is operated as a joint venture formed by the University of Virginia Medical System, the Jefferson Area Board for Aging (“JABA”) and Riverside Hospital. PACE is a comprehensive care program designed to enable seniors with a disability to receive healthcare and maintain as much independence as possible.

Phase II: Carlton Views II 54 affordable apartments for persons with a disability,

Solution to Growing Demand Affordable Housing+Services is a solution where supportive services for the elderly and disabled are linked or located near affordable accessible housing. Affordable Housing+Services programs are much more cost-effective than assisted living facilities, which remain out of reach for those with limited incomes.

Phase III: Carlton Views II An additional 48 affordable housing units for persons with a disability To serve persons with a disability, the Project’s apartments will incorporate “universal design” and the requirements promulgated by HUD for persons with a disability. The apartments offer special features, such as no-step entrances, lowered kitchen counters and sinks, roll-under stoves, widened doorways, wheel-in showers and raised electrical outlets.

Use of Funds USE OF FUNDS CV I CV II Combined Total $10,484,831 54 UNITS 48 UNITS 102 UNITS Acquisition $945,000 $1,056,000 $2,001,000 Hard Costs $6,444,336 $5,544,465 $11,988,801 Soft Costs $3,095,496 $2,578,186 $5,673,681 Total $10,484,831 $9,178,651 $19,663,482

Source of Funds SOURCES OF FUNDS CV I CV II Combined Developer Loan 54 UNITS 48 UNITS 102 UNITS VHDA Permanent Loan $2,000,000 $2,340,000 $4,340,000 DCHD Home Loan $500,000 $0 LIHTC Equity $7,017,407 $5,115,088 $12,132,495 Developer Loan $17,424 $283,563 $300,987 Total $10,484,831 $9,178,651 $19,663,482

Closing Affordable Housing is an extremely complex problem . There is no one silver bullet. Must explore multiple options. An essential key is a knowledgeable community and a solution oriented local government.