With this week’s closing of construction financing for The Springs Apartments at 555 N. Thomas St., Arlington, the Arlington Partnership for Affordable Housing (APAH) has scheduled a groundbreaking ceremony for March 11, 1-2:20 p.m., and completion will be in fall 2016.
Financed with equity from Bank of America Merrill Lynch and construction loan proceeds from Bank of America Merrill Lynch and the Virginia Housing Development Authority, The Springs will provide new committed affordable housing close to the Ballston Metro.
This new construction will consist of 104 units a half mile from the Ballston Metro station, near major employment and retail including the Ballston Common Mall. The Springs will be a five-story, family friendly re-development of APAH’s aging 27-unit Carlyn Springs Apartments. Unit sizes will range from studios to three bedrooms; 81 percent of the units will be family-sized. All units will be accessible; 10 percent will be barrier free. The Springs will have underground parking and bicycle storage; community room for resident services; a business center, and landscaped courtyard, picnic area and playground. The Springs, constructed using green building design, will be EarthCraft certified.
APAH selected Bank of America Merrill Lynch as the Low Income Housing Tax Credit (LIHTC) equity partner for construction; $22 million in tax credit equity will be leveraged to finance construction for The Springs. The LIHTC program was created by Congress through the Tax Reform Act of 1986 to develop affordable rental housing.
APAH’s development team includes Bozzuto Construction Company, KGD Architecture and Walter L. Philips, Inc.
APAH, a nonprofit, develops, preserves, owns, and advocates for quality affordable housing and promotes opportunity for residents through partnerships and programs.