Affordable Housing Complex Receives Funding

ARLINGTON, VA-The Arlington County Board has ensured the preservation of the Gates of Ballston, a 464-unit historic apartment complex containing affordable housing, through its recent approval of a long-term financing package for the multifamily community. Owner AHC Inc.–which acquired the property in 2002 for $35.5 million–will submit the 66-year-old apartment complex to a thorough renovation, and will also develop a new community center and a 19-unit condominium building on the site. Arlington County’s contribution to the $100 million endeavor includes $8.5 million in the form of an Affordable Housing Investment Fund loan and a credit enhancement for $23 million in tax-exempt revenue bonds.

“The preservation and expansion of affordable housing is a top priority for this board,” says Barbara A. Favola, chair of the Arlington County Board. “We’re pleased to put into place a stable, long-term financing package to ensure the success of this important affordable housing complex.” Work is expected to get under way on the project next spring with a target completion two-and-one-half years following construction start.