$9.9 Million Arlington Loan to Help Renovate Culpepper Garden I Apart
Published on November 09, 2016
- County Board approves loan for senior housing
- Includes tenant assistance, reserve fund
- Upgrading 204 existing units, adding six new ones
- No tenants to be permanently displaced
The Arlington County Board today approved a $9.9 million Affordable Housing Investment Fund (AHIF) loan to help renovate the Culpepper Garden Apartments. The Board also approved rent transition and tenant assistance funds to help the low-income seniors who live there stay on-site during and after the renovations.
"This planned renovation meets so many of our goals as a community," said Arlington County Board Chair Libby Garvey. "The Culpepper Garden apartments provide safe, comfortable homes to low-income seniors. They allow our seniors to age in place at a rent they can afford — and now, in homes that will be more energy efficient, more comfortable and with more accessible features."
The Board voted unanimously to approve the allocation of funds. To read the staff report,
scroll to item No. 43 on the Agenda
for the Wednesday, Nov. 9 County Board Recessed Meeting.
60 more years of affordability
Culpepper Garden, owned by the Arlington Retirement Housing Corporation, is located at 4435 N. Pershing Drive. It has provided affordable housing to low income elderly for over 40 years. This will be the first substantial renovations to the property since it was built in 1975.
The planned renovations will replace all major systems, upgrade the interior and convert space to add six more units. All 210 units will be Committed Affordable Units, contractually bound to remain affordable for 60 years. They all will be restricted at 60 percent of the Area Median Income (currently $45,660), but rents will be lower than that because more than 90 percent of the current residents have incomes below 40 percent of the Area Median Income. In 2016, the average income of residents was $18,600.
The County's Affordable Housing Investment Fund i
s a revolving loan fund that is Arlington's primary method for financing the creation, renovation and retention of affordable housing. It is financed through a combination of developer contributions, loan repayments, and federal and local funding. AHIF has helped create the majority of the County's more than 7,500 committed affordable rental units, benefiting low-and moderate-income households. It provides incentives to developers through low-interest loans to help finance new construction, and the purchase and rehabilitation of affordable housing.
Tenants will stay on-site during renovations
Renovations are expected to begin in spring 2017, and will require that all current tenants leave their units. They will, however, remain on-site. Tenants will be temporarily relocated, on a rolling basis, through the renovation. No existing households will be permanently displaced.