In June, the U.S. Treasury announced AHC Inc. will receive $2M in federal funding from the prestigious Capital Magnet Fund. This funding will allow AHC to establish an internal revolving loan fund that will leverage an additional $20M in private capital to renovate at least 331 deeply affordable apartments at AHC communities in Northern Virginia, Baltimore, and suburban Maryland.
“We’re excited to be a first-time awardee for this competitive program,” said Paul Bernard, President/CEO of AHC Inc. “This award will help us modernize several aging AHC Inc. properties and also extend their affordability for another 30 years. Ultimately, the award will benefit our residents – and their communities – in census tract Areas of Economic Distress.”
AHC was one of only 59 recipients nationwide and just one of three in Virginia to receive funding. AHC was selected following a merit-based review of applications submitted from nearly 150 organizations.