The Affordable Housing Investment Fund
The Affordable Housing Investment/HOME Fund Program (AHIF/HOME Program) is Arlington County's main financing program for the development of affordable housing. Comprised of local and federal dollars, this revolving loan fund provides low-interest, secondary loans as an incentive for developers to providing affordable housing.
| Purpose | - Provide financing for development of affordable housing;
- Prevent massive displacement of residents with low and moderate incomes;
- Subsidize moderate and substantial rehabilitation to keep affordable housing safe and efficient; and
- Prevent significant loss of affordable housing units in multifamily projects.
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| History | - Established in 1987 as a revolving loan fund, AHIF has helped to create the majority of Arlington’s 5,900+ committed affordable rental units that benefit low-income households.
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| Provides | - Low-interest, subordinate loans for developers of affordable housing. Loans total over $125 million since 2000.
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| How Funded | - Approximately $5 million in new funding annually plus loan repayments, developer contributions, and payoffs keep the revolving loan fund growing.
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Eligible Activities
| - Acquisition, rehabilitation and/or development of affordable multifamily units
- Specialized housing for the elderly, the homeless, or persons with disabilities
- Affordable homeownership opportunities
- Project planning / Pre-development funds for site-specific projects (extraordinary situations only)
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| Process | - Discuss with staff, then submit application; requires Housing Commission review and County Board approval.
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| Criteria | Threshold criteria include the following: - Must highly leverage other financial sources;
- Must provide affordable housing for a minimum of 30 years (60 years preferred); and
- Must demonstrate that no additional AHIF dollars will be required for project feasibility.
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| Used With | |
View the AHIF application or email David Cristeal for a Word version of the application. For technical assistance and information on how to apply, contact David Cristeal by email or at 703.228.3760.
