The Arlington County Board allocated $8.23 million in funding last week to help redevelop AHC Inc.’s Arlington View Terrace apartment community at 1420 South Rolfe Street. The allocation includes a $7.25 million loan from the County’s Affordable Housing Investment Fund (AHIF) and $984,000 of Transit Oriented Affordable Housing (TOAH) grant funds.
Located on the eastern end of Columbia Pike, Arlington View Terrace is a garden-apartment style community with seven two- and three-story red brick buildings. The redevelopment will demolish the largest building on the site, which includes 30 apartments, and replace it with a new EarthCraft Certified Gold structure with 77 apartments.
Once completed, the expanded apartment community will provide affordable homes to 124 individuals and families earning between 30% and 60% of the Area Median Income (AMI), which ranges from $36,400 to $72,780 for a family of four, for 75 years.
“The Arlington View Terrace redevelopment enables AHC to add much-needed affordable living opportunities in a rapidly gentrifying area along Columbia Pike, said AHC President and CEO Walter D. Webdale. “The new building will also help diversify housing options with 15 new three-bedroom apartments, eight fully accessible units and 10% of the new apartments designated for households earning no more than 30% AMI.”
AHC is also exploring solar panels and a possible partnership with Connect Arlington to provide free Wi-Fi for residents at the site.
“As Arlington faces an ongoing challenge to provide adequate affordable housing, the Arlington View Terrace project is an innovative approach to not only preserving affordability, but also addressing environmental and equity issues,” said Arlington Board Chair Libby Garvey.
The $38 million redevelopment’s next step is to apply for competitive Low-Income Housing Tax Credits, which will be awarded later this year.