Woods Edge Apartments

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The Woods Edge Apartments complex is a subsidized facility that is reserved for senior citizens.


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History

The project was developed as a partnership between Fore Property Company and JABA. The three-story building was intended for those with under 60 percent of the annual area median income. The initial rents for a one-bedroom apartment was $610 a month and $731 for a two-bedroom apartment. The Albemarle County Board of Supervisors agreed to issue $5.25 million in revenue bonds for finance the development and to contribute $320,000 a year for eight years to keep rents low. [1]


References

  1. Web. County of Albemarle, Albemarle County Board of Supervisors Minutes, Albemarle County Board of Supervisors, Albemarle County, October 3, 2001, retrieved October 10, 2016.