AHC Inc. Building Affordable Housing & Strong Futures Since 1975
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Transcript of AHC Inc. Building Affordable Housing & Strong Futures Since 1975
AHC Inc.Building Affordable Housing & Strong Futures Since 1975
Today’sbiggest
challenges…
Finding land and
financing.
AffordableHousing
AHC is creating innovative financing strategies
• Creating partnerships with financing partners to make equity investments in our projects.
• Developed nearly 1,000 units without tax credits in VA and MD in last few years.
• Combining market rate and affordable units to help finance projects.
FindingDollars
AHC is working on a variety of development strategies in Arlington
• Preservation• Redevelopment• New Construction
FindingLand
AHC has 5 properties with 644 apartments on Columbia Pike with possible opportunities
for 2 more properties with about 200 units.
Columbia Pike
1. The Serrano – 280 units
2. Possible site
3. Harvey Hall – 116 units
4. The Shell – 83 units
5. Arbor Heights – 198 units
6. Possible site
7. Key Gardens – 22 units
The Shell83 apartments
(#4 on map)
• Hope to complete construction by Thanksgiving & have residents move in by end of year.
• Green roof with storm water management retention system.
• EarthCraft certification.
• Interior courtyard for residents with open sky, benches and plants.
The Serrano 280 apartments
(#1 on map)
• Financing without Low Income Tax Credits.
• First large-scale project to preserve workforce housing.
• 50% for households earning 80% AMI; 30% unrestricted, market-rate units; 20% phased in at 60% AMI
• Total development costs: $62 million
o $16.35 AHIF loan from Arlington Countyo $41.4 million Freddie Mac loano $4 million equity investment from AHC
South Arlington
• Redevelopment project.
• Currently 2 aging buildings with 137 units – 80% affordable and 20% market rate.
• Proposing 287 units – including at least 63 more affordable units.
• Currently in site plan review process.
The Berkeley2900 South Glebe Road
Ballston
• Working with Arlington County to purchase and preserve property.
• 20-acre site.
• 52-building community.
• 512 apartments; 233 are committed to 60% AMI.
Historic Ballston Park351 North Glebe Road
Courthouse Woodbury Park2335 North 11th Street
• Built in 1940s; added to National Register of Historic Places in 2004.
• All units will be substantially renovated.
• 204 affordable apartments; 160 market rate.
• Two 400-square-foot additions proposed for new community center, fitness center and management office.
• Hoping to start construction in fall; and complete by spring 2017.
• $109 million development cost.
• Using Low Income Tax Credits and Historic Tax Credits – no AHIF.
Rosslyn
• 41 units, 1940s building.
• 5 blocks from Rosslyn Metro.
• Proposing to redevelop the property into mixed-income community with 82 affordable rental apartments and 76 market-rate condos.
• Plan would double number of affordable apartments without using AHIF dollars.
• We could use your support to move project forward. See the flier on your chair.
Key Boulevard 1537 Key Boulevard
• Proud of the 100% graduation rate among our high school seniors.
• Our 60th high school senior will graduate this year!
• After-school students are significantly improving reading skills.
• 94% of Summer Camp students showed NO summer reading loss.
• We couldn’t do this without so many wonderful volunteers.
• Last year, 284 volunteers worked 5,263 hours.
• We are also grateful for our 30+ community partners.
Resident ServicesServing Families, Children and Senior Citizens for 21 Years
Working Together to Increase Public Support
• Another challenge we face is convincing the community that a diversity of housing is critical for Arlington’s long-term economic vitality.
• Arlington County and Alliance for Housing Solutions are working hard on this issue.
• Important we all work together to get the message out.
FindingSupport
AHC Inc.Building Affordable Housing & Strong Futures Since 1975