Arlington County Approves County Loans to Preserve Affordable Housing Units

101 units committed to remain affordable for 60 years
Homes for very low-income families with children

ARLINGTON, Va – December 16, 2013 – (RealEstateRama) –The Arlington County Board today approved $8.3 million in County loan funds for nonprofit developer, Arlington Partnership for Affordable Housing (APAH), to purchase and preserve the 101 affordable housing units at Arna Valley View Apartments.

“The project is a win for the County and for the tenants,” said Arlington County Board Chairman J. Walter Tejada. “The County’s investment  in financing this project will keep these units affordable for very low-income families with children for the next 60 years.”

The County Board took several votes on this project. The Board voted unanimously as part of the consent agenda approve the County loan funds to assist APAH with the purchase.

Private and public partnership

Proposed in 1999 and completed in 2001, the 101-unit  Arna Valley View complex was partially financed with a $4.1 million AHIF loan and is currently a committed affordable, Low Income Housing Tax Credit project. The units originally were committed to remaining affordable for 15 years. With time running out on that original commitment, APAH offered to purchase the units from the current owners, with the County as the financing partner, and keep the units affordable for decades to come.

The current owner will repay its $5.8-million AHIF loan ($4.1 million original loan, plus interest) , making the County’s net funding of the purchase $2.5 million. APAH will commit to keeping the units affordable for 60 years.

Creative financing tools

Three County programs, AHIF, CDBG and HOME, make up the County loan funds for the purchase of the apartments.

• Approximately $4.5 million is coming from the Affordable Housing Investment Fund (AHIF), a low interest loan fund available to developers who build or preserve affordable housing. AHIF is the County’s most popular tool and main financing program the County uses to generate affordable housing. It is a revolving fund, which means developers help to replenish the loan by repaying and contributing to the funds. This year, beside funds allocated yearly by the County Board, AHIF received a record amount of $10.4 million in loan repayments from developers; increasing the fund for 2013 by 42 percent.
• $1 million is coming from the federal Community Development Block Grant (CDBG) program
• $2.8 million is coming from the federal Home Investment Partnership Program (HOME).

To learn more about this planned project, visit the County website. Scroll down to #18 on the County Board Agenda to read the staff report. Learn more about Arlington County’s affordable housing programs.

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. Slightly smaller than 26 square miles, it is the geographically smallest self-governing county in the United States, and one of only a handful with the prized Aaa/AAA/AAA bond rating. Arlington maintains a rich variety of stable neighborhoods and quality schools, and has received numerous awards for Smart Growth and transit-oriented development. 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.

Media Contacts
Helen Duong
703-228-5027