Arlington’s Park Shirlington Apartments Being Converted to Affordable Housing
Standard Communities has received $46.6 million in federal housing loans to transform Park Shirlington, a 294-unit apartment building in Arlington, Va., into affordable housing.
Walker & Dunlop secured the Federal Housing Administration (FHA) financing through the U.S Department of Housing and Urban Development (HUD).
“There is a tremendous lack of affordable housing options in the larger metro area, many with long waitlists for tenants, so this is a fantastic opportunity to secure and preserve affordable housing stock for years to come,” Chris Rumul, senior managing director for Walker & Dunlop, told Commercial Observer. “It was a true team effort with multiple sources coming to the table to provide a common goal.”
Located at 4510 31st Street, Park Shirlington will be converted from market rate to affordable through a low income housing tax credit (LIHTC) regulatory agreement that covers 100 percent of the units through at least 2053. Per the agreements, all the units will be rent-restricted for households making 60 percent of the area median income, which in Arlington is currently $128,145 for a household of four.
As part of the financing, $34 million in renovation costs were provided by the HUD 221(d)(4) program, which will go toward interior improvements of the units, building systems and the expansion and renovation of amenity spaces, including the construction of a new community center. “Notably, it will have a substantial green component in the investment, including all-new solar panels installed,” Rumrul said.
The Arlington-Alexandria metro area is ranked as the 14th most underproduced market in the nation for affordable housing units, lacking nearly 157,000 needed units, according to data from Up For Growth, a national network involved in housing equity.
Keith Loria can be reached at Kloria@commercialobserver.com.