Morning Notes
Pierce Queen Apartments Too Costly for Tax Credits? — The Virginia Housing Development Authority has flagged the Pierce Queen Apartments project in Ft. Myer Heights as being too expensive for Low Income Housing Tax Credits. The units must remain at $350,000 each to receive credit, but the Pierce Queen units come in at $402,000. The project developers asked for a little more than $2 million in tax credits. VHDA is still examining the request and will make its final decision on June 5. [Arlington Mercury]
DOD Renews Lease in Crystal City – The Department of Defense decided to renew its lease at 2530 Crystal Drive in Crystal City. The agency was expected to stay in the more than 550,000 square foot space due to money being tight within the federal government. [GlobeSt]
High School Tournament Roundup — In high school sports, the Washington-Lee boys tennis team defeated the Robinson Rams in a quarterfinal match, but lost to Langley in the region semifinals. Yorktown boys and girls lacrosse teams lost in their second rounds of tournaments. Yorktown sophomore Luke Maxwell finished his season undefeated and won the National District singles tennis tournament without dropping a set. [Northern Virginia Sports]
Flickr pool photo by ddimick
Board Approves New Apartment Tower in Fort Myer Heights
The Arlington County Board last night unanimously approved a new 12-story apartment tower as part of an affordable housing development in the Fort Myer Heights neighborhood.
The project will redevelop five existing garden apartment buildings that make up Pierce Queen Apartments, along 16th Street and between N. Pierce and Queen Streets. The buildings currently contain 50 market rate affordable apartments, that rent from $1,057 to $1,390. Three would be torn down to make way for the 181-unit apartment tower, and two would be renovated and reconfigured to contain 12 three-bedroom units.
Of the 193 total units in the complex, 76 would be reserved as committed affordable housing for 60 years. As a condition of approval, the tower will be built to LEED Silver sustainability specifications. Other community benefits include a $75,000 public art contribution designated exclusively for the Fort Myer Heights area, and preservation of the two garden apartment buildings, which are considered historic by the county.
Approval of the project has been delayed due to a number of issues with the developers’ application for Affordable Housing Investment Funds from the county. Those issues were largely resolved since the Board deferred consideration of the project last month, according to a staff report. The Board voted separately last night to approve $6.8 million in AHIF funds for the project.
The developers, Bozzuto and Wesley Housing Development Corporation, will now apply for Low Income Housing Tax Credits from the Virginia Housing Development Authority. If that application is successful — a decision is expected in June — the project is expected to be built by fall 2015.
The county plans to iron out details of a Tenant Assistance Fund after the tax credits are awarded. The fund would help current Pierce Queen residents, who would be forced to relocate for at least two years during construction, from fall 2013 to project completion.
County Board Chair Walter Tejada applauded the developers for working with the county and the community to make changes to the project since it was first proposed. The county’s Site Plan Review Committee previously raised concerns about the project’s design, which led to changes like an increased building height taper, building entrance design modifications, a redesigned courtyard and the elimination of above-grade parking.
“The project is improved enough that i’m glad to support it,” Tejada said.
Morning Notes
Trash Collection Canceled — Trash collection in Arlington has been canceled today due to the snow storm. Trash collection is currently expected to resume tomorrow, with collection delayed one day for the rest of the week (Wednesday customers’ trash being collected on Thursday, etc.). “Please do not put your trash or recycling on the curb this Wednesday,” said the Arlington County Department of Environmental Services. “Wednesday collection routes are in the hilliest parts of the County and expose the collection crews and the public to the greatest safety risks in a snow event.”
School Boundary Meeting Canceled — A school boundary meeting scheduled for today has been canceled. Instead, Arlington Public Schools Superintendent Dr. Patrick Murphy will be holding a boundary town hall meeting at 7:00 p.m. on Monday, March 11, at Williamsburg Middle School. APS, meanwhile, has made some minor tweaks to its boundary change plan, after hearing critical feedback from parents. [Arlington Public Schools, Patch]
Moran, Connolly Support Metrorail Extensions – Virginia Congressmen Gerry Connolly and Jim Moran have introduced a bill calling for a study of an extension of Metro’s Blue, Yellow and Orange lines to Potomac Mills, Fort Belvoir and Centreville respectively. “We need to look at solutions that take cars off the roads and provide viable transportation alternatives for our citizens,” Connolly said in a statement. [Rep. Gerry Connolly, DCist]
Green Party Seeks Housing Authority Referendum — The Arlington Green Party is trying to drum up support from the local faith community for its push for a new housing authority. The Greens are trying to collect 3,000 signatures to get a measure on the ballot that would establish a housing authority in Arlington County, with the goal of creating more affordable housing units. [Arlington Mercury]
Apartment Development Approval Deferred
Approval for a high rise development in the Ft. Myer Heights neighborhood has been put on hold until the County Board receives more information about the plan.
Bozzuto Development Company had submitted a proposal for a large scale project in the 1600 block of N. 16th Street. It would involve redeveloping the five buildings that make up Pierce Queen Apartments; three of the buildings would be razed and replaced with a new 12-story apartment tower, and the other two buildings would be preserved and renovated. In total, the buildings would house more than 190 units.
The county’s Site Plan Review Committee raised several issues with the proposal during a January meeting. Problem areas included the proposed building bulk, lack of open space, above-grade parking, proposed locations of electrical switchboxes and the lack of a public art contribution. Additionally, concerns arose regarding the applicant’s request for Affordable Housing Investment Funds (AHIF) for the 76 affordable units and the anticipated request for competitive Low Income Housing Tax Credits from the Virginia Housing Development Authority (VHDA).
Earlier this month, the developer submitted a revised proposal that addressed a number of the issues. The developer has agreed to measures such as installing public art, eliminating above-grade parking and re-designing an interior courtyard. However, the AHIF concerns remain a sticking point.
The staff report says the developer didn’t propose a potential Tenant Assistance Fund and no affordability commitment period had been submitted. Staff also reported that no official AHIF application had been received, but the developer is seeking a county investment ranging from $6 million to $9.5 million. The developer had presented a plan indicating each market unit would cost $365,000 to develop and the affordable units would each cost $455,000 to develop. That exceeds the VHDA development cost limit of $350,000 per unit, although sometimes exceptions can be made. Concerns also exist in the way the developer plans to repay the AHIF and the time frame for doing so.
County staff recommended deferring the issue until May but the Board voted unanimously to defer until March 11. That date was chosen in an attempt to approve the plan before the March 15 tax credit application deadline. Board members mentioned the unusual circumstances, but stressed that there’s no guarantee the plan would receive approval in time. The applicant still must prove that all contingencies have been adequately met.
“If this is going to work it’s going to have to be all hands on deck working really hard,” said Board member Jay Fisette. “I hope we can get there.”
Although there’s a push to get the proposal handled quickly, Board member Mary Hynes highlighted the need to still be thorough. Because the process has been so rushed to meet the deadline, she said everyone from Board members to county staff working on the matter are still fuzzy on how the specifics will work out. Board members aren’t interested in moving forward, regardless of tax credit deadlines, if the plan isn’t solid.
“We don’t have a clear understanding of how all the bits and pieces are going to fit together. It’s important for us on the Board that our staff is confident,” said Hynes. “Doing affordable housing in new construction is expensive. And doing it on the Metro is even more expensive. We have to do a lot of due diligence around this to make sure the taxpayers are getting the best value for their dollars. I think we need to give this enough time to be sure.”
The Right Note: Caution TIFs Ahead
The Right Note is a weekly opinion column by published on Thursdays. The views and opinions expressed in the column are those of the author and do not necessarily reflect the views of ARLnow.com.
A major source of opposition to trolley-driven development on Columbia Pike is that it will destroy the last corridor of market rate affordable housing in Arlington. Board Chairman Walter Tejada has cited this concern in the past as giving him pause about supporting the project.
Enter a tax increment financing district (TIF).
Earlier this month, Chairman Tejada announced he would seek a new TIF on Columbia Pike to create a fund for replacing affordable housing along the corridor. And, other Board Members voiced support for his 2013 agenda.
Just like that — a virtually done deal.
The TIF concept has been used by local governments across the country to finance pet projects for some time – Chicago has well over 100 of them — but it is a relatively new concept here in Arlington. The Board created the first TIF in Arlington in Crystal City, in large part to use as a financing mechanism for that portion of the trolley.
So how does a TIF work?
Essentially, Arlington County freezes the tax base of a defined area and dedicates tax revenue from that base to the general fund. The additional future revenue, or a percentage of it, is then earmarked to spend solely in that area, presumably with a pet project in mind.
The general fund, on the other hand, is used to pay for the ongoing county services we all use: schools, transportation, police, fire, parks, and other services. Absent future board action to reverse course, none of these priorities will receive consideration for future TIF revenue in either Crystal City, or presumably Columbia Pike, districts over the next 20 years.
Arlington needs to stop creating TIFs before the practice becomes ingrained in our way of doing business.
We have a long tradition of bringing funding projects through the traditional budget process, seeking public input. We also have a tradition of putting bonding authority before the voters. It is supposed to be the Arlington Way.
Our Board has already packaged bonding authority together to avoid straight up or down votes on big or controversial projects. For example, the aquatics center in November was voted on as part of a parks and recreation bond.
Our Board has already put the trolley on a path to be financed, at least primarily, by revenue bonds backed by the Crystal City TIF and commercial property tax surcharge. These bonds require no public vote.
The use of special interest TIFs to avoid future public debate, scrutiny, and up or down votes on such projects is a bad idea, plain and simple. It will not only avoid additional public input, but it will inevitably lead to higher tax rates for all of us. When schools, roads, public safety and other services face a squeeze in future budgets, the Board will tell voters they simply have to raise taxes to pay for it.
The County Board should not lock Arlingtonians into this fiscally irresponsible path.
Mark Kelly is a former Arlington GOP Chairman and two-time Republican candidate for Arlington County Board.
Tejada Outlines 2013 Priorities as County Board Chair
Walter Tejada, the new Arlington County Board Chair for 2013, says he will use his chairmanship to push for progress in four local policy areas: affordable housing, fitness and health, urban agriculture, and pedestrian and bicycle safety.
Tejada and other County Board members outlined their vision for the county at the Board’s traditional New Year’s Day meeting on Tuesday. As Chair, Tejada’s priorities will receive the sharpest focus.
In a seven-page speech, Tejada repeatedly called on the county to “move forward together… for all of Arlington.”
Tejada’s first major policy initiative is affordable housing. Tejada repeated a call he and Board member Chris Zimmerman previously made: for new affordable housing investment funded via adoption of Tax Increment Financing for Columbia Pike. The TIF would steer a percentage of taxes gained through increases in property values along Columbia Pike to the creation of new affordable housing, to bolster the county’s existing 6,585 committed affordable units.
“Already on Columbia Pike, market forces are threatening one of the County’s largest supplies of market-rate affordable housing,” Tejada said. ”I have asked [County Manager Barbara Donnellan] to analyze and submit a recommendation by June 2013 for creating a transit oriented affordable housing fund on Columbia Pike through adoption of a TIF.”
“We need to house our healthcare workers and teacher aides, our cashiers and restaurant workers, our cleaning staff and small business employees, and other hard-working people so vital to our County’s economic health,” he continued. “We need to maintain the cultural and economic diversity that is so vital to Arlington’s soul, for all of Arlington.”
Tejada acknowledged that more affordable housing will not come cheap, but quoted former president John F. Kennedy in saying, “To those whom much is given, much is expected.”
An affordable housing TIF on the Pike wouldn’t be the county’s first use of the funding vehicle. A TIF is in place to fund infrastructure improvements in Crystal City, including a planned Crystal City streetcar.
After affordable housing, Tejada called for the county to “promote healthy living” through an initiative called FitArlington.
The new focus on fitness and health will include the creation of a “Arlington Healthy Community Action Team” (HCAT) comprised of local health and fitness providers, youth services providers, nutrition educators and urban agriculture enthusiasts. In addition to promoting physical fitness in general, the county will work in partnership with the HCAT and Arlington Public Schools to help reduce the rate of childhood obesity in Arlington.
The childhood obesity initiative will kick off with a community meeting from 9:30 to 11:30 a.m. on Thursday, Jan. 17 at the Fairlington Community Center (3308 S. Stafford Street).
Tejada also highlighted the work of the county’s Urban Agriculture Task Force, which was announced as an initiative at the 2012 New Year’s Day meeting. Among the issues being considered by the task force is the controversial proposal to allow Arlington residents to raise egg-laying hens in their backyards. Tejada said he expects the task force’s forthcoming recommendations to help promote healthy eating in Arlington.
Morning Notes
Yorktown Hosts South County in Semifinal — In high school football action, the Yorktown Patriots will take on the South County Stallions tonight in a Northern Region Division 5 semifinal playoff game. The contest is a home game for Yorktown. Kickoff is scheduled for 7:30 p.m. Yorktown lost to South County in the regional championship game last year. [Sun Gazette]
APS Awarded for Green Initiatives — Arlington Public Schools has “earned a Platinum Certification as a Virginia School Board Association (VSBA) Certified Green Schools Division.” The school system also placed first in VSBA’s Green Schools Challenge for large school divisions. [Arlington Public Schools]
Award for Affordable Clarendon Development — VPoint, the affordable apartment building built atop a Clarendon church, has been named the “Best Affordable Housing Development” in Virginia at the 2012 Governor’s Housing Conference. “The award is presented to a housing development that is innovative in its concept and design and exceptional in meeting the needs of the intended community,” according to a press release. [Arlington County]
Honors for Arlington VT Students — Arlington resident Liam O’Neill has been selected to be a member of the Marching Virginians marching band at Virginia Tech. O’Neill is a percussion musician and a sophomore majoring in building construction. Another Arlington native, Michelle Sutherland, has been named to Virginia Tech’s Order of the Gavel, an honor society for leaders of major student organizations. Sutherland, a junior majoring in political science, is editor of the Collegiate Times, the school’s student newspaper.
Save Your Profile Information Today — If you’re a registered user of ARLnow.com, please save any user profile information or avatars you’re currently using on the site. Changes will be made to the site this weekend and your information may be lost.
Flickr pool photo by Wolfkann
Morning Notes
APS Posts Pass Rates for State Test — Arlington Public School students passed the Virginia Standards of Learning (SOL) tests at rates above statewide averages, with one notable exception. Hispanic students in Arlington passed the English reading test at a rate 5 percentage points below their statewide peers. [Arlington Public Schools]
GOP Opposes Recreation Bond — Calling it a “boondoggle,” the Arlington County Republican Committee has voted overwhelmingly to oppose a $50.6 million bond that would help to build a new aquatics center at Long Bridge Park. At the same time, Republicans voted to support a $42.62 million school bond. The bond issues, along with bonds for Metro and for “community infrastructure,” will appear on the November ballot. [Sun Gazette]
Public Meeting for Housing Study — Arlington County is seeking public input for the first stage of a three-year affordable housing study. The county spends about $52 million, or 5 percent of its budget, on affordable housing. The affordable housing study public meeting will be held from 10:00 a.m. to noon on Saturday, Sept. 22, at the Wakefield High School cafeteria. [Arlington County]
ABBIE Award Nominations Starts — Nominations are being accepted for the ABBIES, the Arlington best business awards. The online nominations, in categories from Best Pizza to Best Place to Pamper Yourself to Best Community-Based Nonprofit, will run through Oct. 3. [Shop Arlington]
Disclosure: The ABBIES are an ARLnow.com advertiser.
Morning Notes
North Rosslyn Profiled — The neighborhood of North Rosslyn has been profiled by the Washington Post. The neighborhood is a bastion of “tranquil residential life” in the shadows of Rosslyn’s high rise office buildings, the Post’s Eliza McGraw wrote. [Washington Post]
Children Participate in AHC ‘Olympics’ — About a hundred children who live in affordable housing managed by AHC Inc. participated in their own version of the Olympic Games last week. The competition included both academic contests like “word weightlifting” and “math distance medley,” as well at athletic events like wiffle ball, soccer, jump roping and the 100 yard dash. [Sun Gazette]
Hawk Found Dead — A hawk was found dead over the weekend in the Radnor-Fort Myer Heights neighborhood. It had apparently flown into a window. [Ode Street Tribune]
Flickr pool photo by Enigmatic Traveler
Ask Me (Almost) Anything: Arlington Partnership for Affordable Housing
Today we debut a new periodic feature called Ask Me (Almost) Anything. Intended to be a local, community-oriented derivation of Reddit’s Ask Me Anything discussion threads, Ask Me (Almost) Anything allows readers to discuss important and interesting topics with local community, government and business leaders. See below for discussion guidelines.
Founded by four local families, the Arlington Partnership for Affordable Housing is an award-winning, community-based nonprofit that has been working to develop and preserve affordable housing in Arlington County since 1989.
APAH currently provides affordable housing to 1,000 Arlington households earning between $20,000 and $64,000 per year. Since Arlington doesn’t have a public housing agency, nonprofits like APAH are an integral component of the county’s drive for more affordable housing.
In addition to developing and owning affordable housing for the long-term, APAH provides a number of services to residents of its communities.
“APAH’s mission is to enhance the Arlington community by developing, preserving and owning quality affordable housing,” the organization said in a statement. “Through resident services APAH is changing lives by helping individuals and families in crisis to access services and providing programs to improve workplace skills, health and well-being and build community.”
Among the projects APAH is currently working on, this month the organization expects to complete a major renovation of the 111-unit Buchanan Gardens Apartments (pictured, below) at 926 S. Buchanan Street, just off Columbia Pike. APAH is also set to begin construction on the 122-unit Arlington Mill Residences (pictured, above) at 901 S. Dinwidde Street — also off Columbia Pike — by the end of the month.
Nina Janopaul has been President and CEO of APAH since 2007. She was previously a principal at Capital Strategies Consulting, Inc. and the National Director of Development for Hostelling International USA. Janopaul graduated Magna Cum Laude from Harvard University and has been an Arlington resident since 1983.
Nina Janopaul will be taking your questions about APAH and affordable housing in general in the comments section through 5:30 p.m. today (Monday). Please note that she may not be able to answer every question asked. Also please note that in addition to our normal comment policy, we ask that questions and comments be of a civil tone. We welcome tough questions and critical comments, but anything of a mean-spirited nature will be removed.
Morning Notes
Dark Star Park Day Tomorrow — Tomorrow morning Rosslyn will celebrate “Dark Star Park Day.” At precisely 9:32 a.m. on August 1 of each year, the shadows cast by the stone spheres and iron poles in Dark Star Park (1655 N. Ft. Myer Drive) line up with the permanently-installed artistic images of shadows on the ground. Tomorrow’s event will begin at 8:30 a.m. and will include a photo contest. [Rosslyn BID]
Record Contributions to Affordable Housing Fund — Arlington County’s Affordable Housing Investment Fund (AHIF) saw a record $10.4 million in loan repayments and developer contributions in Fiscal Year 2012. The AHIF, which is used to help fund affordable housing projects, is set to receive $9.5 million in tax dollars in FY 2013, in addition to any repayments and contributions. [Arlington County]
County Looks for Investment Consultant — Arlington is looking for an investment professional to consult on private investments for its $1.5 billion Arlington County Employees’ Retirement System. The retirement fund is reportedly looking to invest $100 to $200 million in private equity. [Pensions & Investments]
Flickr pool photo by Wolfkann
Neighborhoods Plan Envisions Greater Density for Columbia Pike
Arlington County’s vision for Columbia Pike would result in 10,000 new housing units being added to the corridor by 2040.
County planners are currently putting the finishing touches on the Columbia Pike Neighborhoods Area Plan, a sweeping vision for the Pike that seeks to transform the area into a more urban, walkable, transit-oriented community. The plan calls for taller buildings along the Pike — up to 10 stories — and for the replacement of some existing surface parking lots with new infill development (and underground parking). It also calls for streetcar service and stops along the Pike and enhanced local bus service in the neighborhoods around the Pike.
In total, the plan projects that more than 10,000 new market rate and committed affordable housing units will be added to the Pike by 2040. By design, the plan calls for “a wider mix of incomes” in the various areas along the Pike.
“The Plan seeks to balance a range of housing affordability, improved forms of buildings and open spaces, and the preservation of historically significant buildings,” according to a draft of the neighborhoods plan. “The result is a comprehensive vision that targets redevelopment along the Columbia Pike frontages and areas further off the Pike in the eastern and western sections.”
While the plan calls for the preservation of affordable housing, it would result in the elimination of market rate affordable housing for those making 60 percent of less than Area Median Income (AMI). Under the plan, 60 percent AMI market rate housing would drop from 2,917 units today to zero units by 2040. Market rate housing for 80 percent AMI (those making 60 to 80 percent of AMI) would increase from 3,213 to 4,100. Meanwhile, committed affordable housing would increase from 1,120 to 4,300 for 60 percent AMI, and from 84 to 600 for 80 percent AMI.
Much of the added committed affordable housing would be funded by developers; Arlington County would provide added housing density allowances in exchange for either committed affordable housing within new developments or a contribution to the county’s affordable housing investment fund.
The plan specifically calls for more residential development and retail space along Columbia Pike and S. Orme Street in the tiny Foxcroft Heights neighborhood near the eastern end of the Pike. Single-family homes and rowhouses would be maintained along Ode and Oak streets, according to the plan.
The plan also includes a vision for a greener, more aesthetically-pleasing look for the Columbia Pike corridor, along with wider sidewalks and better route options for cyclists.
“New streets and bicycle connections, particularly running east and west, offer more circulation options for neighborhoods and make traveling along the Pike safer and more pleasant,” according to the plan. “Wider sidewalks, residential buildings set back from the sidewalk, and more trees will provide a boulevard experience that will be a contrast to the commercial areas.”
Arlington County is hoping to accomplish its Neighborhoods Plan vision through the use of zoning tools like Form Based Code and density awards for property owners who develop according to the plan.
The Neighborhoods Plan was developed with resident input via numerous public planning sessions, workshops and discussions. A public hearing on the plan will be held next month.
“Change is underway along the Pike,” Arlington County Board Chair Mary Hynes said, in a statement. “Through the hard work and careful planning of a lot of neighborhood leaders, community members and county staff, we’re beginning to see a more pedestrian-friendly Pike emerge — a Pike served by great transit, that offers a vibrant mix of retail, residential and commercial development and public spaces that will bring people together.”
Hynes continued: “The Neighborhoods Plan helps ensure that, even as the Pike changes, the things that we all love about it — the mix of housing affordable to people of various incomes and all walks of life, the sense of community and of history, the strong neighborhoods — continue to thrive.”
Morning Notes
Rosslyn Outdoor Movies Start Tonight — The season of weekly, political-themed outdoor movies in Rosslyn starts tonight with the 1999 Matthew Broderick/Reese Witherspoon flick “Election.” The movie is scheduled to start at dusk.
Anti-Harassment Ads at Metro Stations — WMATA has placed anti-sexual harassment public service announcements in 28 Metro stations. In Arlington, the ads can be found in the Ballston and Clarendon Metro stations. [Stop Street Harassment]
Opening of Refurbished Affordable Apartments — Community members, local elected officials and affordable housing advocates gathered Wednesday to celebrate the preservation and renovation of Buckingham Village 3 — now renamed “Buckingham Gardens” — as committed affordable rental housing. Ninety-two apartments have been renovated and a new community center has been built as part of the project. [Arlington Mercury]
Margot MacDonald to Play Encore -- Arlington’s own singer/songwriter Margot MacDonald will be performing at Encore Stage, a local youth-oriented theater. The performance will take place this Saturday, June 9, at 7:30 p.m. at Thomas Jefferson Community Theatre (125 S. Old Glebe Road). “Join us for an evening of Margot’s own eclectic rock and favorite covers,” Encore says on its website. “Recommended for ages 10 and up.” [Encore Stage & Studio]
Morning Notes
Artomatic Starts Tonight — Artomatic, described as “the D.C. area’s biggest unjuried arts extravaganza,” will kick off in Crystal City tonight. The five-week event is being held in a former Department of Defense office building at 1851 S. Bell Street, and will feature 10 floors of work by local artists. Artomatic was last held in the District in 2009. [Express]
Affordable Housing Push — A coalition of Arlington affordable housing advocates are preparing a public relations push to make the case for more affordable housing in Arlington. Supporters will be attending community events over the next six month to educate residents about the loss of affordable housing in the county. Currently, affordable housing initiatives are about 5 percent of Arlington County’s $1 billion budget. [Sun Gazette]
Arlington Company Makes Bomb-Proof Underwear — An Arlington company called Secure Planet is manufacturing tens of thousands of pairs of “shrapnel shorts,” which are designed to protect the pelvic region of military service members in the event of a bomb blast. [WJLA]
Board Approves Loans for Buckingham Homebuyers
At Saturday’s meeting, the Arlington County Board approved a measure to help low to moderate income Buckingham residents become homeowners.
The board’s unanimous approval will make $500,000 in Moderate Income Purchase Assistance Program (MIPAP) funds available to seven or eight first-time homebuyers who qualify. The loans will be made available to residents at Buckingham Village 3, and other Buckingham neighborhood families, to help with down payments and closing costs on homes.
County Board Chair Mary Hynes explained that there has been a plan in place to help Buckingham residents who had been displaced by development.
“We had intended to create a homeownership option in Buckingham Village 3 — but, as the economy changed due to the recession, that option became prohibitively expensive,” Hynes said. “The board is fulfilling the spirit of our commitment to these residents, who might not otherwise have been able to stay in our community as homeowners.”
Last month, the county scrapped a plan to sell some of the units at Buckingham Village 3 as condos. At that time, county staff was instructed to find new ways to help lower income residents buy homes.
To be eligible for the loans, Arlington residents must earn less than 80 percent of the area median income, which is listed as $86,000 for a family of four. They also must not have owned a home in the past three years. Buyers can qualify for a subordinated loan of up to 25 percent of the purchase price, with a maximum loan amount up to $90,700.
Homeowners are not required to repay the loan until the home is either refinanced or sold. At that point, the owner must repay the loan to the county, plus up to 25 percent of the difference between the purchase price and the appreciated sales price.
Currently, about $3.6 million in MIPAP funds has been used to help about 236 borrowers purchase their first homes in Arlington.
