News Releases
AHC Inc. Acquires Columbia Pike Property
Purchase preserves 198 affordable apartments in Arlington
Arlington, VA (January 6, 2012) – AHC Inc., a nonprofit affordable housing developer, acquired Magnolia Commons, a 198-unit apartment community on Columbia Pike in Arlington. The purchase preserves one of Columbia Pike’s largest affordable communities and includes eight colonial-style three-and-four-story garden apartments. Two-thirds of the apartments are two-bedroom units – a much-needed addition of affordable housing for working families. Originally built in 1947, the complex has been renamed Arbor Heights.
“Columbia Pike is the last frontier for affordable housing in Arlington,” said Walter D. Webdale, AHC President and CEO. “We were delighted to partner with Arlington County to help ensure these apartments remain affordable for working families who are increasingly challenged to find quality affordable places to live in Arlington.”
AHC Inc. will begin transforming the dated apartments into modern, more efficient homes this spring. Renovations will include new kitchens, fixtures, finishes and upgraded baths. The updates will also help increase energy efficiency and reduce energy consumption.
After renovations, 158 units will be affordable to households earning up to 60 percent of the Area Median Income ($64,500 for a family of four). Forty units will be affordable to households earning up to 50 percent of the Area Median Income ($53,750 for a family of four). The project also creates four fully accessible units.
Funding for the $55 million project includes a $13.26 million Affordable Housing Investment Fund (AHIF) loan from Arlington County, Low-Income Housing Tax Credit equity, Arlington County Industrial Development Authority (IDA) tax-exempt bonds, and a $1 million investment from AHC. “The Board’s decision to provide funding underscores Arlington’s commitment to ensuring that as Columbia Pike is revitalized, we will act to preserve affordable housing in the neighborhood,” said Christopher Zimmerman, Arlington County Board Chairman when the funding decision was made.
The action came as County staff and the community continues to develop the Columbia Pike Land Use and Housing Study, meant to complete the Columbia Pike Revitalization plan. The plan guides public and private investment in the Pike to match community goals that call for enhancing the quality of life, creating a walking and bicycle-friendly community, supporting the planned streetcar investment and sustaining a supply of housing that serves a population with a broad mix of incomes.
AHC Inc. also owns two other properties along the Columbia Pike corridor -- Key Gardens and Harvey Hall, which provide 138 affordable apartments.
AHC is committed to working with Arlington County to preserve affordable housing on Columbia Pike and across Arlington. Since 2000, as land values and rents have risen, more than half of Arlington’s apartments have become unaffordable to low- and moderate-income households. To date, the County has created a stock of more than 6,500 Committed Affordable Units, which represents 14.5% of Arlington’s total rental apartment stock.
Even so, the challenge remains to maintain and preserve enough affordable housing to keep up with the area’s growth. A recent research report by George Mason University’s Center for Regional Analysis concluded that the region’s robust economic growth is threatened by the lack of affordable housing.
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AHC Inc. is a private, nonprofit developer of low- and moderate-income housing in the mid-Atlantic region. Founded in 1975 in Arlington, VA, AHC produces and preserves affordable rental housing, provides homeownership services, and offers onsite educational services to improve the quality of residents' lives. AHC's portfolio includes 36 properties providing quality affordable housing for more than 4,500 households.