CHARLOTTESVILLE, VA – (CVILLE RIGHT NOW) – Charlottesville City Council used Monday’s regular meeting to take another step toward the creation of 501 Cherry Avenue, a multi-use area to benefit residents of the Fifeville neighborhood, through unanimous authorization of a forgivable loan to the Piedmont Housing Alliance.
The project represents a partnership between the Fifeville Neighborhood Association, Woodard Properties, and Piedmont Housing Authority (PHA). The development will include 71 affordable rental homes, commercial space for the Music Resource Center, and a community grocery store.
The city’s FY2025 budget allocated $3.85 million from its Capital Improvement Program to be spread out over three years. The investment is structured as a forgivable loan with a 42-year term and a 3% interest rate. As long as the project is completed and operated in accordance with all of the requirements, the loan and all accrued interest will be forgiven. To ensure the requirements are met, the agreement also includes mandatory annual reporting by PHA…