The original plan, as approved in 2009, was to take 48 units of the 140-apartment Buckingham Village 3 affordable housing community and sell them as condos to moderate-income households. Last night, that plan was officially scrapped after the Arlington County Board was told that the condos would be a tough sell.
Buckingham Village 3, a series of 16 low-rise apartment buildings along the 300 block of block of N. George Mason Drive, was purchased by the county for $34.5 million in March 2009 as part of its ongoing effort to increase the supply of committed affordable housing in Arlington.
The initial goal for the community was to renovate the buildings, lease 92 apartments to households earning below 60 percent of Area Median Income (AMI), and sell the remaining 48 units to households making 60 to 80 percent AMI. The condo component was part of a county initiative to increase home ownership among moderate income households.
The condo plan, however, eventually became the victim of grim market realities, according to a staff report. As determined by two market studies commissioned at the request of the county, selling the condos to households in the target income range would have required “significant price reductions” due in part to the onerous affordability restrictions that would come with such a purchase. Also hurting sales: the difficulty in securing a mortgage for households in the income range. In the end, the market research suggested it could have taken up to four years to sell all 48 units, with a county subsidy of nearly $230,000 per unit.
Last night, the County Board reluctantly but unanimously voted to keep the 48 would-be condos as committed affordable rental apartments.
“This is not the outcome the Board had hoped for when we set this project in motion in 2009,” County Board Chair Mary Hynes said in a statement. “However, the Board’s action today ensures that these 48 Buckingham 3 units will be preserved as affordable rentals for decades to come.”
The Board also directed staff to find new ways to help lower-income residents to buy a home.
“We also have given staff clear direction to devise a funding strategy to help qualified, low- and moderate-income, first-time vested Buckingham home buyers the chance to buy — either in the Buckingham neighborhood, or elsewhere in Arlington,” Hynes said.
In loving memory of Joseph Robert Kapacziewski, who passed away in 2023 at the age of 41.
In loving memory of James Stuart Edmonds, who passed away in 2023 at the age of 84.
A man was shot in front of a lounge on Columbia Pike early this morning, continuing a string of violent incidents.
Good Friday evening, Arlington. Today we published articles that were read a total of 17124 times… so far. 📈 Top stories The following are the most-read articles for today —…
YULA’s ultimate frisbee spring season is now open for registration. We offer programs for middle and high schoolers – open to all players, whether they are new or have previous experience.Middle SchoolIn the Middle School league, mixed-gender teams practice once during the week and have games on Sunday afternoons. Spring league is a fun, safe, and positive environment. The season begins mid-March and wraps up with a tournament in early June. There are several options for practice days, so we can often work around schedule conflicts with other sports & activities.High SchoolThe High School program is organized by school of attendance and teams are classified by gender. New players will learn the basics in a supportive, welcoming environment. Experienced players will continue to develop their skills, and enjoy competition with other high school programs. The season concludes with a state level championship tournament in late May.All players are guided by experienced coaches who emphasize sportsmanship and good spirit. Ultimate is a fun sport with great camaraderie!YULA does not want finances to limit anyone from participating. Our middle school program offers a “Pay What You Can” cost structure and our our high school program is offering a $50 discount to new players.Visit our website to register and learn more. Sign up with a friend, but don’t delay, the season starts in March!http://www.yula-ulti.org
The Arlington-Aachen High School exchange is returning this summer and currently accepting applicants.
The sister-city partnership started in 1993 by the Arlington Sister Cities Association, which seeks to promote Arlington’s international profile through a variety of exchanges in education, commerce, culture and the arts. The exchange, scheduled June 17th to July 4th, includes a two-week homestay in Aachen plus three days in Berlin. Knowledge of the German language is not required for the trip.
Former participants have this to say:
_”The Aachen exchange was an eye-opening experience where I was fully immersed in the life of a German student. I loved biking through the countryside to Belgium, having gelato and picnics in the town square, and hanging out with my German host student’s friends. My first time out of the country, the Aachen exchange taught me to keep an open mind, because you never know what could be a life changing experience.” – Kelly M._
Valentine gifts for someone special or for yourself are here at George Mason University from noon -4pm on February 14, 2023. Satisfy your sweet tooth with Kingsbury Chocolates, find a handmade bag from Karina Gaull, pick up treats from Village