“The City of Charlottesville is delighted with the news,” Interim City Manager Mike Murphy wrote in an email on Thursday. “Affordable Housing is a pressing need in the City. … This gift will greatly assist with the tremendous funding challenge before us as a City and community.”

Phase one calls for a three-phase renovation of the 105 units at Crescent Halls. It would include 98 one-bedroom and seven two-bedroom apartments.

The $14.2 million renovation would take 12 to 18 months to complete. The housing authority would need $3.5 million to $7.6 million in local government and philanthropic support.

Phase one also includes construction of 80 units on South First Street and about 48 units on Levy Avenue, both on vacant lots. Site plan review for South First Street is expected to start this month.

South First Street would include 35 one-bedroom, 20 two-bedroom, six three-bedroom, six four-bedroom and 13 five-bedroom units.

Construction would cost $12.7 million and require $364,000 to $4.8 million in local support. Levy Avenue would cost $7.8 million and require as much as $3.3 million locally.

Phase one construction is expected to start in late 2019 and could finish by late 2020 or early 2021.