Board Approves Loan Documents for Rosslyn Affordable Housing

Published on March 16, 2019

• Queens Court redevelopment part of Western Rosslyn Area Plan


• 249 units to remain affordable for 75 years


• 134 units large enough for families

The Arlington County Board today cleared the way for replacing a 39-unit garden style apartment complex in Rosslyn, built in 1940, with 249 units committed to remain affordable for 75 years.

The Queens Court property, at the corner of N. Quinn Street and Key Boulevard, is part of the Western Rosslyn Area Plan adopted by the County Board in 2015. The plan envisioned redevelopment of Rosslyn's western area with affordable housing, a new Rosslyn Highlands park, a new fire station, mixed-use development and a new secondary school. It recommended maximizing affordable housing on the Queens Court parcel.

"This redevelopment, envisioned in the Western Rosslyn Area Plan, will add much-needed affordable housing to our Metro corridor," Arlington County Board Chair Christian Dorsey said. "One hundred and thirty-four of the units will be two-and-three-bedroom apartments, suitable for families. All will be within walking distance of Metro and will stay affordable for generations. This is an important investment for Rosslyn, and for our community."

The Board voted unanimously to approve the County loan documents for a $7.9 million loan from the County's Affordable Housing Investment Fund, a revolving loan fund, to redevelop the Queens Court site. Due to a Virginia Housing Trust Fund loan award notification, the Arlington Partnership for Affordable Housing (APAH) included increased affordability of eight three-bedroom units, which increased the number of units affordable up to 50 percent Area Median Income (AMI) from 36 units to 44 units. Queens Court also will include nine units affordable to very low-income residents up to 40 percent AMI.

The Board's action followed earlier actions, in February 2018 and January 2019, allocating a total of $16.7 million to the Queens South Nine Limited Partnership and Queens North Four Limited Partnership, which are County-approved affiliates of APAH.

Background

In February 2017, The Board approved a site plan submitted by APAH, to redeveloper the 39-unit Queens Court Apartments, at 1801 N. Quinn St., with a 249-unit building of affordable housing.

Although it is contained in one building, APAH's redevelopment has two separately financed components: Queens Court South, with 90 affordable units, and Queens Court North, with 159 affordable units.

In February 2018, the Board approved a $7.9 million Affordable Housing Investment Fund allocation for Queens Court South. In January 2019, the Board approved an $8.8 million AHIF allocation for Queens Court North, and finance commitments for both Queens Court North and South.

APAH, a non-profit affordable housing developer, has frequently partnered with the County to build affordable housing. APAH bought Queens Court in 1995, with the assistance of a loan from the County, and has been operating the garden apartments as affordable housing since that time. All the existing units are one-bedroom or studios. The new building will have 44 three-bedroom, 90 two-bedroom, 94 one-bedroom and 21 studio apartments.

About AHIF

AHIF is Arlington County's main financing program for affordable housing development. Created in 1988, the fund has helped create the majority of Arlington's over 8,000 approved affordable rental units for low and moderate-income households. It is a revolving fund that, together with the County's Affordable Housing Ordinance, provides incentives for developers through low-interest loans for new construction, purchase and rehabilitation of affordable housing.

To read the staff reports, visit the County website. Scroll to Item Nos. 5 and 23 on the agenda for the Saturday, March 16, 2019 Regular County Board Meeting.

Learn more about Arlington County's Affordable Housing Master Plan, which defines the County's affordable housing policy and enables our community to respond to current and future needs of residents of all income levels.