Arlington Approves Affordable Housing Loan
Six-story building to be constructed on Columbia Pike
The Arlington County Board has approved a loan to a non-profit that would fund the construction of an 83-unit affordable-unit apartment building on Columbia Pike.
The Board voted 4-0 to lend up to $6 million to the non-profit developer AHC Inc., which is headquartered in Arlington. The building would be located at 5511 Columbia Pike and replace a Shell gas station, part of a parking lot, and some other undeveloped land.
Funding for the project would come from the county's Affordable Housing Investment Fund, as well as from the AHC Multifamily Revolving Loan Fund, which is made up of federal Community Development Block Grant funds.
“It is through public-private partnerships like this that the County is working to preserve affordable housing opportunities on Columbia Pike as the corridor redevelops,” County Board Chair Mary Hynes said in a statement. “This is an important investment that will help ensure that Columbia Pike, even as it is revitalized with more ground-floor retail, more public spaces and new housing, remains affordable for working people.”
The six-story structure would include nineteen apartments affordable to families making 50 percent of the area's median income ($53,750 for a family of four). 64 units would be affordable to families earning 60 percent of the area median income ($64,500 for a family of four).
Published at 2:09 PM EDT on Mar 10, 2012