This week, three years after Arlington Partnership for Affordable Housing (APAH) bought the complex, Buchanan Gardens Apartments is newly renovated, expanded and almost fully occupied. The electrical system is upgraded, the sewer lines are fixed, the buildings are now energy-efficient, and apartments have central air and new appliances. In Arlington, where the average two-bedroom rental apartment costs $2,036 per month, and where about 6,000 of the 43,000 apartments in the county are considered committed affordable (which means a family of four with income less than $60,000 can handle the rent), every new apartment makes a difference. Accomplishing this goal took a partnership of APAH, a nonprofit affordable housing developer, the county, the Virginia Housing Development Authority, Capital One Bank, Enterprise Community Partners, Hamel Builders, architects Wiencek + Associates and many others. It also took $32.4 million, with $11 million from Arlington County’s affordable housing fund and $12 million from federal low-income housing tax credits. The commonwealth kicked in $7.7 million.
The Affordable Housing Report daily "Twitter paper" on Paper.li. Super cool.