Arlington County Approves 140 Affordable Housing Units for Buckingham Village

Move preserves historic community, buildings

ARLINGTON, VA. – June 16, 2009 – (RealEstateRama) — The Arlington County Board today approved a plan to preserve 140 historic units at Buckingham Village 3 as affordable apartments and condominiums.

The Board’s action ensures preservation not only of Buckingham’s historic brick garden apartments, but of the diverse community that resides there. It is one of the County’s most ambitious efforts to preserve affordable housing on a single site. Had the County not intervened, the 140 historic housing units would have been demolished and the entire site cleared for by-right development of approximately 114 high end town houses. 

“This innovative plan underscores Arlington’s deep commitment to creating affordable housing in our community. It shows how much we can accomplish when County government, residents and developers work together to preserve something special,” said Board Chairman Barbara Favola.

Plan includes rental and ownership options

Of the 140 historic units to be renovated and preserved on the 300 block of N. George Mason Drive, 92 will be rental apartments and 48 will be condominiums. The plan also includes a new community center for Buckingham.

The Board previously approved the purchase of the property and agreed to lease it for 75 years to an affiliate of Telesis Corporation and National Housing Trust-Enterprise Preservation Corporation. Under the approved plan and lease, Telesis will begin to renovate the property within 12 to 18 months, then operate and manage the apartment, and sell the affordable condominiums.

• The 92 apartments will serve households earning from $29,000 to $67,000; the units will remain affordable for at least 75 years.
• Seven units will be fully-accessible and five units will be set aside for supportive housing.
• The 48 condominiums will be sold to households earning from $43,000 to $83,000 a year. 
• All of the units will incorporate energy saving/”green building” features that will exceed the EarthCraft House Multifamily certification requirements, including ENERGY STAR certification. EarthCraft House Multifamily certified properties save tenants money, are more energy efficient, have better indoor air quality, and last longer.

Financing

The County’s long-term investment in the project is approximately $16.9 million, or just under $121,000 on average for each affordable unit. This is the amount of County funding that would remain in the development for the land cost after the close of permanent financing on the rental component and sales of the condominiums. The rental program will be financed with a blend of public and private financing, including federal Low Income Housing tax credits and federal and state Historic tax credits.

Included in the development costs are the complete renovation of the buildings, including bump outs and basement renovations to add 3-bedroom units, and a new community center. For further details on financing, click here to read the full staff report.

Background

In July, 2006, the County signed a Memorandum of Understanding with the owner of Buckingham 3, 4319 North Pershing Drive Apartment Investors LLC.  In June 2007, the County Board approved the acquisition of Buckingham Village 3, a residential development on a 5.4 acre parcel, including 16 residential buildings with 140 units of affordable and historically significant housing.  In February and March, 2009, the County Board approved a Ground Lease with the Telesis Corporation and National Housing Trust-Enterprise Preservation Corporation and the purchase of Buckingham Village 3.

For more information on the county’s efforts to preserve Buckingham Village, visit the County Web site.

To read the Board report on this item, click here and look for item # 50.

Arlington, Va., is a world-class residential, business and tourist location that was originally part of the “10 miles square” parcel of land surveyed in 1791 to be the Nation’s Capital. It is the geographically smallest self-governing county in the United States, occupying slightly less than 26 square miles. Arlington maintains a rich variety of stable neighborhoods, quality schools and enlightened land use, and received the Environmental Protection Agency’s highest award for “Smart Growth” in 2002. Home to some of the most influential organizations in the world – including the Pentagon – Arlington stands out as one of America’s preeminent places to live, visit and do business.

Contact:  Mary Curtius 703-228-7943 (voice) 703-228-4611(TTY)