Affordable Housing Investment Fund (AHIF)

The Affordable Housing Investment Fund (AHIF), administered by the Albemarle County Office of Housing, is a locally funded program that provides critical financial resources to address the affordable housing needs of individuals and families in Albemarle County, Virginia. Established as a mechanism to support long-term affordable housing solutions, the AHIF is designed to promote, preserve, and produce high-quality affordable housing options and services for low- and moderate-income households. Through its targeted investment approach, the AHIF encourages both non-profit and for-profit organizations to develop or preserve affordable housing that meets the county's strategic housing goals. The program currently offers a total of $3,968,176 in available funding—split evenly between grants and loans. Nonprofit developers are eligible for both grants and zero-interest loans, while for-profit developers may apply for grants if their projects are 100% affordable or leverage Low Income Housing Tax Credit (LIHTC) financing, and may access loans with a 2% simple interest rate. All proposed projects must be located within Albemarle County’s designated Development Areas and must offer a minimum of 20% of residential units as affordable housing. Additionally, rental units must meet a 30-year affordability period, while owner-occupied housing must maintain affordability for at least 40 years. AHIF prioritizes shovel-ready projects, especially those that plan to submit LIHTC applications in the next available cycle. Other funding priorities include serving households with incomes below 60% of Area Median Income (AMI), supporting economic and social diversity within neighborhoods, providing on-site resident services, and leveraging additional federal, state, or private investments. Projects that support vulnerable populations—such as seniors, families with young children, or people experiencing homelessness—may also receive additional consideration as determined annually by the Board of Supervisors. Eligible uses of AHIF funds encompass a broad range of project activities, including predevelopment (for nonprofits), land acquisition and development, interest buy-downs, connection fees for water and sewer, construction of rental and owner-occupied housing for income-qualified households, preservation of existing affordable housing, and energy efficiency upgrades. However, certain uses such as property tax penalties, administrative costs, community outreach expenses, and staff salaries are explicitly ineligible. Applicants must be either 501(c)(3) nonprofit organizations, equivalent entities, or qualified for-profit developers with prior experience in affordable housing development. Projects must include new construction, substantial rehabilitation, or adaptive reuse of non-residential buildings for residential purposes. Site control is mandatory, and non-by-right projects must have approved rezonings in place prior to funding awards. All applications must be complete and submitted by 11:59 PM on Saturday, January 31, 2026. Only proposals that meet the detailed evaluation criteria outlined in the AHIF Program Guidelines and score at least 75% of total available points will be considered. The Albemarle County Office of Housing retains the authority to reject incomplete or non-compliant proposals and may award less than the requested amount based on available funding and project merit. Additionally, the County Board of Supervisors may redirect funding in response to emerging housing crises or emergency needs. Interested applicants are advised to consult the detailed program guidelines for comprehensive requirements and ensure submission of all necessary documentation by the stated deadline.