- County Board approves Affordable Housing Investment Fund loan for Culpepper Garden I
- Preserves 204 affordable units for independent seniors
ARLINGTON, Va. — The Arlington County Board today approved a $1.35 million Affordable Housing Investment Fund (AHIF) loan for Culpepper Garden I apartments. The County's loan will allow the owners to pay off the existing mortgage and plan for renovations, enabling the preservation of 204 affordable units that currently house independent seniors.
“Arlington continues its aggressive efforts to preserve, improve and add to our affordable housing supply,” said Arlington County Board Chair Jay Fisette. “This investment will help ensure that these units remain affordable to low-income seniors for years to come.”
Culpepper Garden I Apartments
Culpepper Garden I, located at 4435 N. Pershing Drive, consists of 204 committed affordable units for independent seniors. It is connected to Culpepper Garden II and III, and the property's basement is used as a senior center. In a recent property assessment, the owner outlined a two-phase plan to preserve and improve the existing 204 affordable units with a $1.35 million AHIF loan.
Phase I of the refinancing and rehabilitation plan includes using AHIF funds to pay off the existing mortgage, develop the renovation plan, and apply for at least 42 new rental assistance vouchers from U.S. Department of Housing and Urban Development (HUD).
In Phase II, the owners will renovate the property so it can remain a viable home for seniors. The property has not had any substantial improvements since construction was completed in 1975.
The first phase is expected to occur between now and 2015, followed by Phase II (2015-2016). No tenants will be displaced during either phase.
The Board voted 5-0 to allocate the AHIF loan funds for this project. To read the staff report, visit the County website. Scroll down to item #27 on the Nov. 15 Regular County Board Meeting Agenda.
Affordable Housing Investment Fund
The Affordable Housing Investment Fund (AHIF) is the County's main financing program for affordable housing development. Since its creation in 1988, AHIF has helped to create the majority of Arlington's affordable rental units that benefit low-income households. This revolving loan fund provides incentives for developers through low-interest loans for new construction, acquisition and rehabilitation of affordable housing.
The fund is comprised of local and federal dollars and is also supported by loan repayments and developer contributions. For most projects, every $1 of public funds can leverage $3 in private funds. To learn more about funding affordable housing, visit the County website.