December 18, 2014

VHDA + Alexandria Housing Development Corporation: Affordable Housing Communities are Reborn

Today’s post originally appeared in VHDA’s Fall 2014 Community Outreach Report.

One goal of Alexandria’s Master 2013 Housing plan is to preserve the affordable units which have been rapidly disappearing as many parts of the city undergo intensive redevelopment. The Alexandria Housing Development Corporation (AHDC), headed by Carol Jackson, Executive Director, is working aggressively to meet that goal.

Their most recent undertaking was the acquisition and redevelopment of Arbelo and Longview Terrace Apartments. These two dilapidated properties were at risk of being lost forever as affordable housing resources. AHDC put together a partnership to ensure these communities would be valuable assets for years to come. Today, this redevelopment effort is providing 75 attractive and much needed workforce/affordable housing units.

VHDA’s REACH Virginia team began working with the city and AHDC early in 2011, when these multifamily developments were acquired. First, we provided a three-year capacity grant so the non-profit could realistically undertake the redevelopment. Next, REACH Virginia provided a predevelopment loan to pay for preliminary studies related to repositioning these properties. Then, VHDA’s Rental Housing division worked with AHDC on a financing program that took advantage of tax-exempt bond financing and federal Low-Income Housing Tax Credits. Through its Office of Housing, the City of Alexandria also provided a substantial financial investment to make this $19 million effort a success. AHDC began leasing for Arbelo in September, and reached 95 percent occupancy soon after. Longview Terrace will follow in 2015.

For information, contact Community Housing Officer for Northern Virginia Michael J. Scheurer at 804-840-5957 or Michael.Scheurer@vhda.com.
© 2013 VHDA, All Rights Reserved. Please Review the Terms of Use and Privacy Policy.

No comments:

Post a Comment