Officials celebrated the opening of The Terraces at Arlington View, a $40.8 million redevelopment of an affordable housing community in Arlington County, Virginia.
The new property includes 77 affordable apartments for families earning between 30% and 60% of the area median income, more than doubling the number of homes in the previous building.
Located on the eastern end of Columbia Pike, the new building is the first phase of a larger redevelopment plan. A second phase will eventually redevelop the other buildings on the west side of the street, providing even more brand-new homes to the community.
“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 and CEO of nonprofit developer AHC. “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.”
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 annually, enough to power nearly eight single-family houses a year. A parking garage also has two electrical vehicle chargers.
This new community is AHC’s first Energy Star-certified building, and it achieved Gold-level certification with EarthCraft Multifamily, the nation’s first multifamily-specific green building program.
The building includes a new community room, a fitness room, a courtyard, a leasing office, and a resident services 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.
This project was made possible by AHC’s many partners.
The project won an allocation of $2.03 million in competitive tax credits from Virginia Housing, 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 Affordable Housing Investment Fund and $984,000 in Transit-Oriented Affordable Housing 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 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, financing counsel.