April 27, 2023 – AHC Inc., a leading developer of affordable housing in Maryland and Virginia, today held its grand opening of The Terraces at Arlington View, a $40.8 million redevelopment of an affordable housing community located on the eastern end of Columbia Pike, at 1420 S. Rolfe Street. The Terraces includes 77 affordable apartments and more than doubles the number of homes from the previous building. The new community features many sustainable elements, including solar panels, a green roof, and electric charging stations.
Numerous local dignitaries attended the ribbon-cutting ceremony, including Virginia State Senator Barbara Favola, State Delegate Alfonso Lopez and Arlington County Board members Christian Dorsey and Takis Karantonis.
“We’re excited to open The Terraces at Arlington View and to bring more quality, affordable homes to the Arlington community,” said Paul Bernard, President & CEO of AHC Inc. “The Terraces is in a prime location, central to jobs and transportation, and close to shopping locations on Columbia Pike. The new building will not only provide dozens of families and individuals with an opportunity to build brighter futures – but also contribute to the economic vitality of Arlington and the Commonwealth.
“The redevelopment and expansion of The Terraces at Arlington View by our longstanding affordable housing partner, AHC Inc., speaks to many of the County’s housing goals in Arlington: providing beautiful, energy efficient units accessible to households earning lower incomes,” said Arlington County Board Chair Christian Dorsey. “I am proud of the County’s role in funding the project through $8 million in AHIF and TOAH funds and welcome this new addition to our community and affordable housing inventory.”
This new building is phase one of a larger redevelopment plan. A second phase for The Terraces at Arlington View will eventually bring redevelopment of the other buildings on the west wide of S. Rolfe Street, providing even more brand-new homes to the community.
“We applaud the efforts and commitment of AHC and Arlington County to create and preserve affordable housing in this community,” said Ed Delany, Senior Capital Officer for Community Finance in the Mid Atlantic region. “The Terraces at Arlington View is a prime example of the success that comes when public and private entities engage to bring safe, high-quality and affordable housing to residents.”
Features and Amenities
Sustainable design elements of the building include a 190-panel solar system, AHC’s second solar project in Arlington, and a large green roof to support stormwater management. The solar is expected to generate 84,000 kwh a year, enough to power nearly eight single-family houses a year. The parking garage also has two electrical vehicle (EV) chargers.
This new community is AHC’s first Energy Star-certified building and the achieved Gold-level certification with EarthCraft Multifamily, the nation’s first multifamily-specific green building program.
The building includes a new community room, fitness room, courtyard, leasing office, and resident services onsite space. The apartments feature modern fixtures and finishes, bigger and more numerous windows, new appliances, and WaterSense plumbing fixtures. As part of AHC’s efforts to break down the digital divide and create digital equity, every apartment also will have free Wi-Fi.
Apartment Affordability and Sizes
The 77 new affordable apartments at The Terraces will house families earning between 30% and 60% of the Area Median Income (AMI).
The building includes 15 three-bedroom apartments, 47 two-bedrooms, 14 one-bedrooms, and one studio apartment. Eight homes have been set aside for Arlington County’s Permanent Supportive Housing (PSH) program, which provides the opportunity for residents with disabilities to maintain their housing and pay no more than 30% of their income towards rent. Eight apartments are fully ADA accessible, and all the homes in the new building meet Universal Design standards.
This project was made possible by AHC Inc.’s many partners.
The project won an allocation of $2.03 million in competitive tax credits from Virginia Housing (VH), which generated $19.5 million in tax credit equity from Capital One through Hudson Housing Capital. The Arlington County Board allocated $7.1 million from the AHIF (Affordable Housing Investment Fund) and $984,000 in Transit-Oriented Affordable Housing (TOAH) funds. The project received $16 million in construction financing from Capital One and $10.57 million in permanent financing from Virginia Housing, plus a $900,000 loan from the Virginia Housing Trust Fund.
AHC Inc. also collaborated with Cunningham and Quill Architects, who designed the renovation, Harkins Builders, who executed the construction, Walter L Phillips, AVT’s civil engineer and Klein Hornig, LLP, financing counsel.