Newsroom
For Immediate Release
Tuesday, February 24, 2009
Contact: Mary Curtius 703-228-7943 (voice) 703-228-4611(TTY)
Arlington County Approves Financing, Ground Lease for Buckingham Village 3
Preserves 140 affordable housing units
ARLINGTON, VA. – The Arlington County Board today approved financing of up to $36 million to purchase Buckingham Village 3.The move ensures the preservation of 140 historic units on the 300 block of N. George Mason Drive and paves the way for an affordable housing program on the site that may contain a mix of rental and ownership units.
The Board also approved a 75-year lease for the property with the Telesis Corporation and National Housing Trust-Enterprise Preservation Corporation. Under the lease, Telesis will begin to renovate the property within 12 to 24 months, then operate and manage the dwellings.
“This project underscores Arlington’s deep commitment to creating affordable housing and to protecting Buckingham’s historic character. We can accomplish great things when County government, residents and developers work together,” said Board Chairman Barbara Favola.
This is one of the County’s most ambitious efforts to date to preserve affordable housing on a single site. The Board’s action will preserve both the existing, diverse Buckingham community and preserve the historic buildings where they live. The project also will produce a new community center for the community.
Under the terms of the lease, the 140 units will be guaranteed at affordable rates for at least 75 years.
Background
In July, 2006, the County signed a Memorandum of Understanding with the owner of Buckingham 3, 4319 North Pershing Drive Apartment Investors LLC. In June 2007, the County Board approved the acquisition of Buckingham Village 3, a residential development on a 5.4 acre parcel, including 16 residential buildings with 140 units of affordable and historically significant housing.
For more information on the county’s efforts to preserve Buckingham Village, visit the County Web site.
Arlington, Va., is a world-class residential, business and tourist location that was originally part of the "10 miles square" parcel of land surveyed in 1791 to be the Nation's Capital. It is the geographically smallest self-governing county in the United States, occupying slightly less than 26 square miles. Arlington maintains a rich variety of stable neighborhoods, quality schools and enlightened land use, and received the Environmental Protection Agency's highest award for "Smart Growth" in 2002. Home to some of the most influential organizations in the world - including the Pentagon - Arlington stands out as one of America's preeminent places to live, visit and do business.
