Woodbury Park Adds to Affordable Housing Stable

ARLINGTON, VA-Plans for multifamily housing complex Woodbury Park have gotten the thumbs up from the Arlington County Board, paving the way for the redevelopment and expansion of the 364-unit apartment complex that already caters, in part, to the affordable housing market. Non-profit low-and moderate-income housing development organization AHC Inc. is behind the endeavor, which could cost as much as an estimated $50 million.

Upon the scheduled 2007 completion, the property will feature a total of 571 apartment and condominium units, 312 of which will be reserved as affordable housing and housing for residents earning 60% or less of the area median income. Six of the new units will be designed to meet the Americans with Disabilities Act accessibility requirements.

Woodbury Park currently consists of seven three- and four-story structures, which will be preserved in the multi-million-dollar project for their historic integrity. The new portion of the residential community, which will be designated Woodbury North, will be built upon what is now a surface parking lot on the AHC-owned 10.5-acre property. Woodbury North will feature two new buildings at a maximum nine-stories–housing apartment units in one, and the 99 market-rate condominiums in the other–as well as an underground parking garage. The garage, however, is not designed to accommodate parking for all, as one of the main focal points of the development is to create a pedestrian-friendly environment centered on the easily accessible public transportation surrounding the apartment complex. The property’s function does not stop there. The new segment of Woodbury Park will become home to AHC’s corporate offices, as well as a new community center and a convenience store.

In addition to securing a construction loan or two, AHC is relying on a distinctive, multi-faceted plan to fund the affordable housing project.

“We will sell the market-rate condominiums, and the sale of the condominiums, over and above the cost of constructing them, will underwrite the costs of developing the rental buildings,” AHC project manager Alan Goldstein tells GlobeSt.com. “The balance will be funded through low-income housing tax credits and tax-exempt bond issues.” In the end, the development will have increased Arlington County’s designated affordable housing units to 5,142. “In essence, the project is a unique opportunity for developing affordable housing at a metro accessible location within expensive North Arlington,” Goldstein concludes.