Update: Charlottesville City Council has signed off on a number of bonds to revamp the Blue Ridge Commons complex.
A multi-million dollar renovation project could get off the ground Tuesday night for the Blue Ridge Commons in Charlottesville. But city council has to sign off on a series of bonds first to get the financing in order.
The bonds are less expensive then a conventional loan, keeping the costs down, and ensuring that the rent in the Blue Ridge Commons complex will remain affordable.
Community Housing Partners is asking city council to sign off on a number of bonds. The proceeds will go toward the renovations at Blue Ridge Commons on Prospect Avenue.
The $5.6 million project includes the rehabilitation of 198 units on site. The work will take about a year to complete and should start on December 1.
"We're going to be doing a lot of interior work, a lot of exterior work, new landscaping, new lighting, new cabinets, appliance, carpets for the residents, new bathroom fixtures," said Blue Ridge Commons Property Manager Deborah Webber.
The bonds are actually through the Waynesboro Redevelopment and Housing Authority, but since the project is in Charlottesville, city council has to sign off on it. The bonds won't be considered a debt to the city.
Blue Ridge Commons is the largest section eight voucher provider for the Charlottesville Redevelopment and Housing Authority. The city council meeting starts at 7 p.m. Tuesday night.
