For almost seven years, the Arlington County government and the local civic association had tried unsuccessfully to acquire and arrange financing for renovations to this 82 unit housing community in eleven obsolete and deteriorated, 60 year old buildings.
In partnership with a local, non-profit housing corporation and the local community civic association, Landex acquired the complex and engineered a unique and creative tax and financing structure that enabled acquisition of the property through a donation to a non-profit and the layering and leveraging of eight (8) sources of public and private financing for the renovations.
- Tax-Exempt Bonds issued by the Alexandria Redevelopment and Housing Authority
- VIrginia Housing Development Authority (VHPRF)
- Arlington County (HOME/CDBG)
- Arlington Housing Corporation
- Federal Home Loan Bank of Atlanta
- Low-Income Housing Tax Credits
Revitalization of this historic African-American community was designed to meet the needs of contemporary renters. Seventeen (17) two bedroom apartments were converted into three bedrooms, two bath townhouses by combining unused, above grade, storage spaces and undersized one-bedroom units. The property also received new kitchens, baths, plumbing, electrical service, roofs, and individually controlled, energy efficient HVAC. A new free-standing community center with a laundry room and a management office and a computer training lab was also constructed at the site. The non-profit partner provides a host of resident services for children and adults. Relocation was implemented in accordance with the Uniform Relocation Act.
This unique financing model is structured so that at the end of the low-income housing tax credit compliance period, the individual townhouses can be sold to existing occupants in fee simple. At the time of the sale, the units will be affordable to families at 35% of the area median income. This redevelopment received an Award of Excellence from the Federal Home Loan Bank of Atlanta.