Affordable Housing Funds Sought For Alexandria Complex

ALEXANDRIA, VA — On Tuesday, Alexandria City Council will consider approval of funding to preserve affordable and workforce housing at an Alexandria apartment complex. The Alexandria Housing Development Corporation is seeking an $8 million city loan to acquire Avana Alexandria, a 326-unit apartment complex at 3001 Park Center Drive in the West End.

Alexandria Housing Development Corporation, an affordable housing developer, plans to maintain 130 of the units at 60 percent of the Area Median Income and 114 units at 80 percent of the Area Median Income. The remainder of the units would be available at market rate. The property will be managed by JBG Smith with the transition to affordable housing happening in the first year.

Avana Alexandria Apartments currently has unrestricted rents with most prices affordable to households with 70 to 80 percent of the Area Median Income, and other prices are higher.

According to the U.S. Department of Housing and Urban Development, the rent limit for 60 percent of the Area Median Income is $1,366 for a one bedroom and $1,638 for a two bedroom. For 80 percent of the Area Median Income, the rent limit is $1,821 for a one bedroom and $2,184 for a two bedroom.

The property has 137 one-bedroom units, 187 two-bedroom units, a three-bedroom unit and a four-bedroom unit as well as amenities like a swimming pool, fitness room, community room, playground and business center. Ongoing inspections of the property determined a major renovation isn't needed for 10 years.

The transaction could close in January 2020, according to a letter from the Alexandria Housing Development Corporation. The city's loan would allow the developer to leverage two funding sources: first trust mortgage and grants from the Virginia Housing Development Authority and a loan from JBG Smith’s Social Impact Fund.

The affordable housing effort would be the first to receive Amazon HQ2-related state housing funds from the Virginia Housing Development Authority and be the first use of JBG Smith's Social Impact Fund in the region.