Housing costs in many Northern Virginia localities are expensive. Recognizing the struggle that many families face, Wesley Housing Development Corporation is committed to providing affordable rental housing solutions. As a part of that commitment, Wesley Housing is actively working to maintain and modernize its apartment portfolio while keeping units affordable.
VHDA partnered with Wesley Housing to provide predevelopment loans for Lynhaven Apartments in Alexandria and William Watters Apartments in Arlington, both of which are owned and operated by Wesley subsidiaries. Both properties needed substantial rehabilitation, including exterior work and upgraded kitchens and baths to improve energy efficiency and water conservation.
VHDA provides predevelopment loans to support public and non-profit housing partners looking to develop and maintain affordable housing. These loans can help offset the costly and high-risk stage of putting together a potential affordable housing project.
Wesley Housing was able to bring together the Lynhaven and William Watters projects through the creative packaging of the two properties into one financing project (Lyn-Watters). VHDA issued $7.3 million in short- and long-term tax-exempt bonds, including $2 million in low-interest SPARC funds. Burke & Herbert Bank invested $4.1 million in equity through Hudson Housing Capital, while the City of Alexandria and Arlington County made subordinate loans of $1.5 million and $820,000, respectively. The project is currently under construction with a projected completion date of May 2016.