The loan, which comes from the county’s dedicated Affordable Housing Investment Fund, will allow AHC to purchase the Serrano Apartments at 5535 Columbia Pike, which are currently owned by Carmel Partners.
The apartment building, in the Columbia Heights West neighborhood, has 280 units, 239 of which are currently considered affordable. The loan allows AHC to purchase the building and keep 196 units in the building as dedicated affordable housing for the next 60 years. The remainder will be offered at a market rate.