AHC Inc. Repayments to Arlington’s Housing Loan Fund Top $45 Million
AHC Inc., an Arlington, VA-based affordable housing developer, deposited more than $710,000 this week into the County’s revolving low-interest loan program, the Affordable Housing Investment Fund (AHIF). This year’s annual repayment boosts AHC’s total repayments to more than $45 million since the AHIF program began in 1988. The payments vary from year to year. Last year, AHC returned $4.9 million to the fund.
“Arlington’s loan fund is absolutely essential for building or preserving affordable housing in our competitive real estate environment,” said AHC Inc. President and CEO Walter D. Webdale. “Without the AHIF program, many of Arlington’s affordable apartments would not exist today.”
AHC currently operates 24 affordable apartment communities in Arlington. Of those, 20 include AHIF funds. The AHIF program is integral to leveraging other investment dollars. Over the years, AHC has received $94 million in loan funds from Arlington County, which has helped capitalize nearly $400 million in real estate development.
AHC’s most recent AHIF loan is helping build The Apex on Glebe Road along Four Mile Run. The $100 million development includes approximately $20 million in revolving loan funds from Arlington. The new project is creating two bright and open, energy-efficient buildings that will welcome 256 families starting this spring. Other financing included a combined allocation of $3.5 million in 9% and 4% Low-Income Housing Tax Credits (LIHTC) from the Virginia Housing Development Authority (VHDA). These tax credits will generate approximately $34 million in total equity investment.
“Financing affordable housing requires securing a variety of resources,” says Webdale. “The AHIF loan fund is the glue that helps cement the financing package.”
Currently, Arlington County allocates on average $14.3 million annually to its AHIF fund. Affordable housing advocates are requesting an increase to $25 million to help meet the growing demand for housing affordability in the County.