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AHC Inc. Develops or Renovates 1,500 Affordable Apartments in 2015

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(December 23, 2015 – Arlington, VA) - AHC Inc. has been busy in 2015 – working hard to bring more than 1,500 new or renovated affordable apartments to the mid-Atlantic region. We have opened the doors to two brand new apartment buildings, started or completed renovation of five existing affordable rental communities, and created new partnerships to finance and develop several additional affordable housing opportunities in the region.

AHC’s 2015 development activities include:

Arlington

We opened The Shell – a brand new apartment building that we created out of a steep hill and a gas station. Today, 83 families call this place home. And Woodbury Park, with 364 units, is under renovation. The historic renovation of the 1940s garden community is more than halfway finished, scheduled for completion in late 2016.

Alexandria

AHC’s first construction project in Alexandria, Jackson Crossing, is complete. Along with 78 affordable apartments, it also includes a roof patio and proximity to public transportation, jobs and shopping. We are delighted to partner with The Campagna Center, a long-time educational provider in Alexandria, to provide an onsite preschool. Families will start moving in this winter. AHC also closed on a new property, to be called St. James Plaza, which will transform property owned by the St. James United Methodist Church and the Bi-District Office of the Northern Virginia Methodist Church into 93 affordable apartments adjacent to market-rate homes

Montgomery County

We finished renovations at The Birches, a 228-unit apartment community in Silver Spring, which we purchased with the help of the Housing Partnership Equity Trust (HPET), a social purpose real estate investment trust. We are also renovating a senior citizen community called Charter House in Silver Spring that has 212 units.

Baltimore

We are continuing to build out a 62-acre old public housing site called Key’s Pointe. It’s an exciting project and we look forward to watching the area ultimately transform into 900 homes. The renovation of Madera, 47 units, should be completed this winter. We are partnering with HPET to purchase a 312-unit rental townhome community outside of Baltimore. Our homeownership project, MonteVerde Rowe, is growing. So far, we have sold four totally renovated homes to first-time homebuyers and we are continuing to renovate more homes on the block.

DC

Our first partnership, Lincoln Westmoreland, has 56 new units under construction and is adjacent to 108 renovated affordable apartments at the Shaw Metro station. We are working on another proposal for a large project along the Southwest waterfront.

Photo: From left to right: Key’s Pointe will ultimately include up to 900 homes (left); the renovation of Woodbury Park is expected to be completed in 2016 (center); and The Shell is now home to 83 families in Arlington (right). 

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Founded in 1975, AHC Inc. is a nonprofit developer of affordable housing in the mid-Atlantic region that provides quality homes and education programs for low- and moderate-income families. Based in Arlington, VA, AHC has developed more than 6,500 apartment units in 50 properties in Virginia and Maryland. AHC’s Resident Services program reaches 2,000 children, teens, adults and seniors each year through onsite education programs and activities.

 

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AHC Partners with Church to Create Affordable Housing in Alexandria, VA

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(November 5, 2015 – Arlington, VA) - AHC Inc., a leading developer of affordable and mixed-income housing in the mid-Atlantic region, closed yesterday on the $8.5 million purchase of a three-acre site in the City of Alexandria’s Beauregard neighborhood.

The new development, St. James Plaza, will transform property owned by the St. James United Methodist Church and the Bi-District Office of the Northern Virginia Methodist Church into 93 affordable apartments adjacent to market-rate homes.

AHC will construct a 93-unit affordable rental building on a portion of the land and sell the balance of the site to a third party developer that will construct market-rate housing. The affordable rental apartments will be a mix of efficiencies, one-, two- and three-bedroom units at rents ranging from 40% to 60% of the Area Median Income.  The church has moved its place of worship to an adjacent property, and the office building is moving to a new location in the area as well.

“AHC has a track record of creating land for housing in innovative ways,” said AHC President and CEO Walter D. Webdale. “Combining forces with an established community organization like St. James to carve out a viable parcel of land – particularly in a neighborhood like Beauregard that is losing so many affordable places to live – is a great opportunity.”

The new affordable units will be a welcome addition to Alexandria’s Beauregard neighborhood, which has lost a large number of low- and moderate-income apartments to new development over the last few years.

“The City is glad to be collaborating with nonprofit partners, like AHC, to develop 93 new units of affordable housing,” said Helen McIlvaine, acting director of the City’s Office of Housing.  “The St. James Plaza project will provide an important housing resource, including deeply subsidized units, for residents of the adjacent Beauregard area who may be impacted by future redevelopment.  This project successfully implements strategies proposed in the 2012 Beauregard Plan and the 2013 Housing Master Plan.”

The property, 5000 and 5001 Echols Avenue, is located in Alexandria’s west end adjacent to the neighborhoods included in the Beauregard Small Area Plan. The site sits across the street from the Northern Virginia Community College Alexandria Center and is within a quarter mile of the bustling Mark Center. Local schools, retail amenities and Inova Hospital are all within a two-mile radius.

The affordable building will include underground parking, a fitness center, and a community room for residents. AHC is also hoping to include space to provide early childhood services to children living in both the affordable building and the surrounding community.

The high-quality building will include Energy Star-certified kitchen appliances, high-efficiency, individually controlled HVAC systems, carpeted floors, and ceramic tile.

The land purchase is financed with a senior loan from NeighborWorks Capital and a subordinate loan from the City of Alexandria. The affordable housing development received an award of 9% competitive Low Income Housing Tax Credits (LIHTC) from the Virginia Housing Development Authority (VHDA) in June 2015.

Construction is expected to begin in fall 2016.

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Founded in 1975, AHC Inc. is a nonprofit developer of affordable housing in the mid-Atlantic region that provides quality homes and education programs for low- and moderate-income families. Based in Arlington, VA, AHC has developed more than 6,500 apartment units in 50 properties in Virginia and Maryland. AHC’s Resident Services program reaches 2,000 children, teens, adults and seniors each year through onsite education programs and activities.

 

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AHC Inc. Elects New Board Members

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Arlington, VA (October 25, 2015) – AHC Inc., a nonprofit affordable housing developer based in Arlington, VA, elected new Board members at its recent Annual Meeting.

Jacqueline Coachman and Tom Klanderman have been elected for three-year terms. Robert Bushkoff and Scott Ritter have been re-elected for additional three-year terms.

Jacqueline Coachman was born and raised in Arlington and returned to the community in 1997.  Her family has lived in the Nauck community since shortly after the Civil War.  She is currently a program specialist for Youth Services with the City of Alexandria.   She has been a teacher, a tutor, and an advocate for the school curriculum at both Arlington and Alexandria Public Schools.  She has served as the neighborhood historian for Nauck, is a member of the Nauck Civic Association, and also a member of the Macedonia Baptist Church.

Tom Klanderman has been a resident of the Washington area since 1992 and an Arlingtonian since 2012. Mr. Klanderman is a partner at Morgan Lewis & Bockius LLP, specializing in commercial real estate. He is also a Board member and Chair of the Arlington Food Assistance Center (AFAC). He is a member of the Leadership Arlington Class of 2011.

Robert Bushkoff has been a resident of Arlington since 1980 and is a real estate developer with the Dittmar Company in Vienna, VA. He is the past co-chair of the Arlington Chamber of Commerce Economic and Government Affairs Committee; a member of the Arlington Economic Development Commission; a member of the Leadership Arlington Class of 2007; and a past president of the Arlington Host Lions Club.

Scott Ritter has been an Arlington resident since 1994. Mr. Ritter is the managing director of United Bank in Vienna, VA. He is a member of the Northern Virginia Building Industry Association; the Arlington Chamber of Commerce; the Leadership Arlington Class of 2001; the Donaldson Run Civic Association; and a member and youth instructor at St. Charles Borromeo Catholic Church. Mr. Ritter is currently the president of AHC’s Board.

 C.C. Jenkins, one of AHC’s long-time Board members, moved off the Board after nine years of leadership commitment and support.

Photo caption: Jacqueline Coachman and Scott Ritter are among the Board members elected at AHC’s Annual Meeting. Robert Bushkoff and Tom Klanderman were also elected.

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Founded in 1975, AHC Inc. is a nonprofit developer of affordable housing in the mid-Atlantic region that provides quality homes and education programs for low- and moderate-income families. Based in Arlington, VA, AHC has developed more than 6,500 apartment units in 50 properties in Virginia and Maryland. AHC’s Resident Services program reaches 2,000 children, teens, adults and seniors each year through onsite education programs and activities.

 

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AHC Inc. Presents $2.5 Million Loan Repayment to Arlington County

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(September 10, 2015 – Arlington, VA) – AHC Inc., a not-for-profit affordable housing developer, yesterday presented Arlington County with a $2.5 million loan repayment – one of the organization’s largest lump sum payments.  Since the 1980s, Arlington County’s Affordable Housing Investment Fund (AHIF) has loaned funds to developers like AHC to help acquire, build or rehabilitate numerous affordable apartment communities for low- and moderate-income Arlington residents.

Arlington’s loan fund has helped AHC develop more than 3,000 affordable apartments for Arlington residents. AHC repays the County each year from its affordable properties. To date, AHC has repaid more than $38 million to Arlington County, including interest.

“AHC is proud to have partnered with Arlington County for nearly three decades. The County’s revolving loan fund (Affordable Housing Investment Fund) has been a critical factor in helping us bring to fruition thousands of affordable homes for hard working Arlington families,” said AHC President and CEO Walter D. Webdale. “For every dollar we borrow from Arlington County, we are able to leverage $3 in private funds, which is a huge help in today’s competitive marketplace.”

“Arlington’s long-time commitment to affordable housing is one of the things that makes our community so vibrant today,” said Arlington County Board Chair Mary Hynes. “One of the tools that has worked well over the years is our Affordable Housing Investment Fund (AHIF). Made up of local and federal dollars – only 25 cents of every dollar we loan is Arlington taxpayer generated – the revolving fund is also supported by loan repayments and other developer contributions, which keeps the fund viable.”

AHC’s $2.5 million repayment is the result of a complex strategy begun earlier this year to consolidate ownership of Fort Henry Gardens, a garden-style property with 82 apartments (65 two-bedroom and 17 three-bedroom apartments).

AHC partnered with another organization to acquire and renovate the property in 1996 and 1997. AHC is now the 100% owner of the property after purchasing the ownership interests from our co-general partner and the tax credit investor limited partner earlier this year. Along with paying down the loans from Arlington County, the consolidation also enabled AHC to pay off a loan from Virginia Housing Development Authority (VHDA) and set aside funds for needed capital improvements.

Fort Henry’s community center provides extensive Resident Services activities, including AHC’s After-School, Teen Tutoring and Summer Camp programs.

 Photo Caption: Not-for-profit affordable housing developer AHC Inc. presented Arlington County with a $2.5 million loan repayment. Arlington County loans funds through its Affordable Housing Investment Fund (AHIF) to developers like AHC to produce affordable housing. AHC repays Arlington County each year. To date, AHC has repaid Arlington County $38 million. From left to right: Arlington County Housing Division Finance and Budget Specialist Anne Venezia, AHC President and CEO Walter D. Webdale, County Board Chair Mary Hynes, Acting County Manager Mark Schwartz, County Board Vice Chair J. Walter Tejada, Housing Director David Cristeal and AHC Multifamily Division Director Alan Goldstein.

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Founded in 1975, AHC Inc. is a nonprofit developer of affordable housing in the mid-Atlantic region that provides quality homes and education programs for low- and moderate-income families. Based in Arlington, VA, AHC has developed more than 6,500 apartment units in 50 properties in Virginia and Maryland. AHC’s Resident Services program reaches 2,000 children, teens, adults and seniors each year through onsite education programs and activities.

 

HAND Honors Walter D. Webdale with Lifetime Achievement Award

HAND Honors Walter D. Webdale with Lifetime Achievement Award

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June 23, 2015 – Arlington, VA) – The Housing Association of Nonprofit Developers (HAND) today presented AHC Inc.’s President and CEO Walter D. Webdale with the prestigious President’s Choice Award, which honors lifetime achievement in the affordable housing industry. The award was announced during HAND’s Annual Meeting that gathered together more than 1,000 affordable housing professionals and advocates from the Washington, DC, metro region.

Mr. Webdale has been in the affordable housing business for more than 50 years. He was just 22 when he and his brother, with capital borrowed from their grandmother, purchased and redeveloped an old stone barn into three townhouses in western New York. A few years later he landed his first housing job when he was named Director of Urban Renewal and Director of the Housing Authority in Batavia, NY.  A pioneer in the field of urban renewal, Mr. Webdale directed the redevelopment of the Glen Cove, NY business district as well as the revitalization of the Hudson riverfront in Yonkers, NY.  In 1971, he joined the New York State Urban Development Corporation as Director of Projects for the Westchester County Office.

In 1974, Mr. Webdale moved his young family to Reston, Virginia where he became the first director of the Fairfax County Department of Housing and Community Development, a position he held until 1999. During his tenure, the agency won national recognition as a leader and innovator in affordable housing, earning more than 40 awards for project design, community development, property management and affordable housing finance.

He became President and CEO of AHC Inc. in 1999. Under his leadership, AHC has more than quadrupled its multifamily housing portfolio from 1,600 units at 13 properties in 1999 to more than 6,500 units at 50 properties today.  In 2001, Mr. Webdale developed AHC’s first multifamily property outside of Arlington.  Today, AHC has 22 multifamily properties outside of Arlington, including eight in the Baltimore area and six in Montgomery County.  During his tenure, AHC opened an office in Baltimore, established its own property management company, and more than doubled the Resident Services community outreach programs.

Prior to joining AHC, Mr. Webdale was Director of the Fairfax County Department of Housing and Community Development for 25 years.  During his tenure, the agency won national recognition as a leader and innovator in affordable housing, earning more than 40 awards for project design, community development, property management and affordable housing finance.

“Walter has been a true and long-standing supporter of our organization and our cause,” said Michelle Krocker, Executive Director, Northern Virginia Affordable Housing Alliance. “His well-regarded leadership and support for affordable housing have made a lasting impact on housing opportunities for low- and-moderate income families throughout Northern Virginia.”

Mr. Webdale is a past board member of the National Housing Conference, a past president and past board member of the National Association of Local Housing Finance Agencies (NALHFA) and the National Association of County, Community and Economic Development Associations (NACCED). He also served on the Editorial Advisory Board of the Housing and Development Reporter.

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Founded in 1975, AHC Inc. is a nonprofit developer of affordable housing in the mid-Atlantic region that provides quality homes and education programs for low- and moderate-income families. Based in Arlington, VA, AHC has developed more than 6,500 apartment units in 50 properties in Virginia and Maryland. AHC’s Resident Services program reaches 2,000 children, teens, adults and seniors each year through onsite education programs and activities.