The Alexandria City Council will discuss making a $3.5 million loan to preserve affordable rental housing at its regular meeting today.
RPJ Housing has a contract to purchase the 34-unit Arbelo Apartments at 831-833 Bashford Lane for $6 million, using the city loan and a private loan.
Later this month, RPJ will request another $6.6 million in loans to buy 44 units on Commonwealth Avenue and West Nelson.
RPJ Housing has managed some 2,300 affordable housing units, including developing 506 units in the metropolitan area.
“In the city, there are about 4,000 existing units of affordable rentals that are being converted to condos,” said Herb Cooper Levy, RPJ Housing executive director. “There are enormous pressures on the existing housing stock.”
The majority of the Arbelo Apartments will be offered to families whose incomes are at or below 60 percent of the median income for city residents. The median income for afamily of four is $90,300.
Funding for the project will come from the $22 million in general obligation bonds Alexandria dedicated to affordable housing. One cent of the city property tax rate will pay the debt service.
The director of Alexandria’s housing department, Mildrilyn Davis, said she expects the city to “do more of this type of thing. This is exactly the type of project we had in mind.”
