Brought to you by Scott P. Rogers, Funkhouser Real Estate Group, 540-578-0102, scott@HarrisonburgHousingToday.com
Brought to you by Scott P. Rogers, Funkhouser Real Estate Group, 540-578-0102, scott@HarrisonburgHousingToday.com
Tuesday, May 2, 2023
It's official -- the 90 acres of land to be used for the development of Bluestone Town Center has been officially purchased, as of yesterday, by a corporate entity (EP HARRISONBURG OWNER LLC) that seems likely to be the new partnership between Equity Plus and the Harrisonburg Redevelopment and Housing Authority.
The land purchase was in three parts (from three separate land owners) as follows...
- 25.984 acres for $1,964,072.50
- 17.215 acres for $1,300,800.00
- 46.443 acres for $3,510,127.50
Again, that's a total of just under 90 acres for $6,775,000.
Presumably at some point soon a more detailed site plan will be submitted to the City for review.
Sifting through the court records, it was also interesting to note that...
[1] EP HARRISONBURG OWNER LLC immediately put a loan in place via the National Housing Trust Community Development Fund for $6,480,000.
[2] A Land Use Restriction Agreement was also recorded with a variety of details such as...
[2a] There seems to only be a requirement that the housing be rented within certain affordability guidelines for 10 years. Hopefully the developer will continue to keep the rental rates at affordable levels after that even if the land use restriction agreement doesn't require it?
[2b] At least 8% of the units shall be rental housing that is affordable to those with incomes at or below 30% of the Area Median Income.
[2c] At least 38% of the units shall be rental housing that is affordable to those with incomes at or below 80% of the Area Median Income.
[2d] All remaining units will be for sale units affordable to those with incomes at or below 120% of the Area Median Income.
