Alexandria Housing Development Corporation has announced the acquisition of a US$ 51.4M loan for the implementation of a project for the renovation of Park-Vue in Alexandria, a city in the United States state of Virginia.
The property, which reportedly provides studios, one- and two-bedroom units ranging in size from 465 to 890 square feet, will be converted into dedicated affordable housing for households earning up to 60% of the regional median income.
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Half of the apartments will allow households to earn up to 80% of the AMI, while the other half will stay at 60% of the AMI. If the price of a 60% AMI unit exceeds the rental rate, the unit will be converted to the appropriate level at that time.
Present residents of the Park-Vue in Alexandria will be able to keep their current rent without an increase if their current rent is greater than 60% of the region’s median income.
Amenities within and close to Park-Vue in Alexandria
A pet park, resident lounge, exercise center, and waterscape are among the current community attractions in addition to 275 grade-level parking spots and 14 laundry facilities.
The Ronald Reagan Washington National Airport is three miles to the east of the town, while The Pentagon is three miles to the north. Half-mile south lies the Birchmere music venue, as well as various more entertainment, retail, and food alternatives.
The Amazon Housing Equity Fund provided a low-interest acquisition loan of US$ 51.4M. In the coming future, AHDC will engage with Amazon and other credit partners to refinance the property which will have a 99-year affordability commitment in place. Covenant Capital Group was represented by Cushman & Wakefield and the neighborhood will be managed by S.L. Nusbaum.