December 19, 2024
In February 2024, Affordable Homes & Communities (AHC) and Goodwill of Greater Washington got the greenlight for their proposed redevelopment of Goodwill’s flagship store in Arlington, Virginia. The redevelopment includes 128 apartments, a childcare center, and a brand-new Goodwill retail and donation center.
Since then, the project has received community support and funding, moving it forward in the development pipeline. Check out the milestones below.
June 2024
The Virginia Housing Board approved the award of highly competitive 9% Low-Income Housing Tax Credits (LIHTC) to AHC’s redevelopment in partnership with Goodwill.
The $1,950,000 annual tax credits will allow approximately $17.5 million in LIHTC equity to be invested in the project to fund the new construction of apartment homes.
September 2024
Virginia Housing provided AHC and Goodwill with $750K in funding to support predevelopment costs for the redevelopment. The funds will cover expenses such as architectural services and legal fees. The loan is interest-free for 36 months and will be repaid when construction financing is closed.
The Terraces at Arlington View West, another AHC redevelopment, also received $750K in predevelopment funding through the same program.
October 2024
At its October meeting, Virginia Housing’s Board of Commissioners approved the project’s application for a reservation of State Low-Income Housing Tax Credits (LIHTC) in the amount of $1,120,971. The board also approved an equal allocation of non-competitive 4% LIHTC.
Together, these tax credits are expected to generate approximately $16.5 million in equity for the project.
December 2024
December 14
The Arlington County Board approved a $1.05 million grant for the new childcare center at the Goodwill site during its December 14 meeting. The grant covers the costs of designing, building, and outfitting the new facility, which will permanently provide 35 new affordable childcare slots.
December 19
Federal Home Loan Bank of Atlanta (FHLBank Atlanta) awarded AHC’s project with Goodwill $768,666 through its 2024 Affordable Housing Program (AHP) General Fund awards. These funds are awarded annually through a competitive application process and distributed through FHLBank Atlanta member financial institutions. The grant will support the construction of multifamily rental apartments at the Goodwill site.
What’s Next
AHC and Goodwill plan to break ground on the new facility by the summer of 2025, open the renovated retail store by the end of 2026, and welcome new residents to the community in 2027.