ARLINGTON, Va. – Buckingham Village 3 and Pierce Queen Apartments affordable housing projects will move forward with financing from the federal Low Income Housing Tax Credits (LIHTC) Program.
“The County collaborates with developers to find creative financing to build affordable housing projects,” said Arlington County Board Chairman J. Walter Tejada. “The tax credits are one of many financing tools we use to preserve and create affordable rental units for our community. We will continue to try all housing finance options possible to assist our hard-working families who want to remain here.”
The Virginia Housing Development Authority (VHDA) administers the federal program that encourages communities to produce more affordable rental housing. Housing developers can sell the tax credits to investors who use them to offset a portion of their federal tax liability.
Tax credits will help preserve affordable units at a historic site
Buckingham Village 3 is an affordable project that is part of the County's effort to both preserve the historic character of garden apartments and to retain affordable housing in the Buckingham community.
The County purchased Buckingham Village 3 for $34.5 million in 2009 and entered into a 75-year lease agreement with Telesis Corporation and National Housing Trust-Enterprise Preservation Corporation to redevelop and manage the property. Renovation of the first 92 units was completed in 2011.
With the tax credits, Telesis will begin renovations of the remaining 48 apartments and the units will remain affordable through the duration of the 75-year land lease. Buckingham Village 3, now called Buckingham Gardens, is located at the 300 block of N. George Mason Drive and has 16 apartment buildings with a total of 140 residential units.
Tax credits to jump start 76 affordable units
In March, the Arlington County Board approved a site plan development that will renovate two of the historic garden apartment buildings at the Pierce Queen Apartments and replace the three other buildings with a high-rise residential building.
The redevelopment, located in Fort Myer Heights North area between Rosslyn and Courthouse, will provide 193 units, of which 76 will be affordable. The County Board approved a $6.8 million loan to help finance construction of the affordable units, which will be contractually committed to remain affordable for 60 years. Wesley Housing Development Corporation has partnered with Bozzuto Development Company for this mixed-income project.
Both projects are expected to be under construction by early 2014 and completed by late 2015.
The availability of affordable housing and access to housing assistance programs are priorities for the County. The total number of committed affordable rental units in Arlington is now 6,585, which is more than 14 percent of the County's rental stock.
Recent projects include Arbor Heights on Columbia Pike's west end (198 units), vPoint in Clarendon (121 units) and Howard Manor on North 20th Road (76 units).
Learn more about Arlington County's effort to create and preserve affordable housing.