Photo 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.
September 10, 2015
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.
About AHC Inc.
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 8,200 apartments in the mid-Atlantic region, including 3,400 in Arlington. AHC’s Resident Services program reaches thousands of children, teens, adults, and seniors each year through onsite education and social service programs and activities.
Media Contact: Jennifer K. Smith, Director of Communications, jennifer.smith@ahcinc.org/ 703-486‑0626 x1118
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