Affordable Housing Redevelopment Wins $2M in Competitive Tax Credits and $8M in AHIF Loan Funds from Arlington County
Located on the eastern end of Columbia Pike, Arlington View Terrace is a garden-apartment style community with seven two- and three-story red brick buildings. AHC is working on a redevelopment that will demolish the largest building on the site, which includes 30 apartments, and replace it with a new EarthCraft Certified Gold structure with 77 apartments.
The $38 million project continues to move forward. In June, Arlington View Terrace East won an allocation of $2.03 million in competitive tax credits from Virginia Housing Development Authority (VHDA), which will generate $19 million in tax credit equity. The Arlington County Board allocated $8.23 million in funding to help redevelop AHC Inc.’s Arlington View Terrace apartment community at 1420 South Rolfe Street. The allocation includes a $7.25 million loan from the County’s Affordable Housing Investment Fund (AHIF) and $984,000 of Transit Oriented Affordable Housing (TOAH) grant funds.
Once completed, the expanded apartment community will provide affordable homes to 124 individuals and families earning between 30% and 60% of the Area Median Income (AMI), which ranges from $36,400 to $72,780 for a family of four, for 75 years.
“The Arlington View Terrace redevelopment enables AHC to add much-needed affordable living opportunities in a rapidly gentrifying area along Columbia Pike, said AHC President and CEO Walter D. Webdale. “The new building will also help diversify housing options with 15 new three-bedroom apartments, eight fully accessible units and 10% of the new apartments designated for households earning no more than 30% AMI,” said AHC President and CEO Walter D. Webdale.
AHC is also exploring solar panels and a possible partnership with Connect Arlington to provide free Wi-Fi for residents at the site.
“As Arlington faces an ongoing challenge to provide adequate affordable housing, the Arlington View Terrace project is an innovative approach to not only preserving affordability, but also addressing environmental and equity issues,” said Arlington Board Chair Libby Garvey.
AHC Inc., a nonprofit developer based in Arlington, VA, builds and preserves affordable and mixed-income housing in Virginia, Maryland and Washington, DC. Since 1975, AHC has developed more than 7,500 apartments in the mid-Atlantic region, including nearly 4,000 in Arlington. AHC’s Resident Services program reaches 3,000 children, teens, adults and seniors each year through onsite education and social service programs and activities.