Proposal Expected to Preserve Affordability for 294 Existing Units

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** September 2019
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* CORRECTION: Policy Update Park Shirlington Redevelopment



** CORRECTION: Policy Update Park Shirlington Redevelopment
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In our earlier email today we shared outdated information about the Park Shirlington Redevelopment. We apologize for any distress this may have caused our readers!

The county's goal is to “preserve at least 100% of the existing affordability and for people who live at Park Shirlington to have the ability to stay/return to the property. The initial concepts for the proposal will be shared at the October 2nd meeting.”

The project is available for public review ([link removed]) on the County's website.

Project Background:
Park Shirlington Apartments is a 294-unit garden apartment complex built in 1956. Standard Communities and Foundation Housing (jointly the “Project Sponsor”) purchased the market affordable apartment community in December 2017 with the assistance of a $6 million Affordable Housing Investment Fund (AHIF) loan from the County. The AHIF loan term is for a period of three years (ending in December 2020), with an option to extend one year to December 2021.

During the loan term, all of the 294-units are committed affordable to households earning up to 80% of Area Median Income (AMI). The acquisition by the Project Sponsor helped to secure affordable rents at the property while a long-term affordable and mixed-income housing program is developed.

Park Shirlington is part of the Housing Conservation District under the Housing Arlington initiative.

The community is invited to a kick-off meeting to learn more about the project and ask questions.

Community Meeting
October 2, 2019
6:30-9 p.m.
Trades Center - Park Operations Building
2700 S. Taylor St., 2nd floor conference room

Please visit the county's website for more information and to RSVP ([link removed]) .

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