The Owner of Park Shirlington Apartments (Standard Foundation Park Shirlington LLC) has proposed renovating all of the property’s existing 294 units (including one unit currently being used as a leasing office) and committing them to long-term affordability. To assist with the renovations, the Owner plans to utilize an Affordable Housing Investment Fund (AHIF) loan, among other financing sources. In support of the renovation program, a new AHIF loan allocation was approved by the County Board at the July 17, 2021 meeting.
The County Board approved the loan documents for the new $31.9M AHIF loan at the October 15, 2022 County Board meeting. Closing on financing will occur in 2023. The renovations of the units would begin soon after finance closing occurs.
*Process timelines are subject to change as needs arise. Check back for updates.
On November 27, 2017, the County Board approved a $6 million AHIF loan to Standard Foundation Park Shirlington LLC (the “Owner”) to help finance the acquisition of Park Shirlington Apartments, a 294-unit apartment complex (including one unit being used as a leasing office) built in 1954. As part of the loan terms, all units are income and rent restricted to households earning up to 80% of Area Median Income.
Housing Division housingdivision@arlingtonva.us 703-228-3765
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