CPHD
Housing Development - Affordable Housing Investment Fund
The Affordable Housing Investment Fund (AHIF)
The Affordable Housing Investment Fund (AHIF) is Arlington County's main financing program for the development of affordable housing. Established in 1988 as a revolving loan fund, AHIF has helped to create the majority of Arlington’s 6,500+ committed affordable rental units that benefit low-income households. Comprised of local and federal dollars, this fund provides low-interest, secondary loans as an incentive for developers to provide affordable housing. The Arlington County Board allocates funds annually, and AHIF is also supported by loan repayments and developer contributions.
The Affordable Housing Investment Fund (AHIF):
- Provides low-interest, subordinate loans for developers of affordable housing. Loans total over $200 million since 2000.
- Subsidizes moderate and substantial rehabilitation to keep affordable housing safe and efficient.
- Prevents significant loss of affordable housing units in multifamily projects.
The Affordable Housing Investment Fund has been used with other affordable housing financing programs including the Low-Income Housing Tax Credit (LIHTC) program, tax-exempt or taxable bonds, other federal and state funding sources, and private financing.
Eligible Activities:
- Acquisition, rehabilitation and/or development of affordable multifamily units
- Specialized housing for the elderly, the homeless, or persons with disabilities
- Affordable home ownership opportunities
The Process:
Discuss with staff, then submit application; requires Housing Commission review and County Board approval. 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.
For technical assistance and information on how to apply, contact David Cristeal via email or call 703.228.3760.
RESOURCES
IMPORTANT SCHEDULES
CONTACT US
Housing Division
2100 Clarendon Boulevard,
Suite 700
Arlington, VA 22201
(703) 228-3760
E-mail: Housing Division