(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.
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.