The Triangle @ Courthouse Virginia Housing Coalition Annual Conference Richmond, Virginia September 3, 2014
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The Triangle @ Courthouse Agenda AHC Experience Location Project Overview Financing—S&U Project Benefits Project Challenges Sponsor Requirements Next Steps
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§ 501(C)(3) Non-Profit Organization, since 1975
§ Arlington’s Oldest, Largest Affordable Housing Group
§ Developed 42 properties in the Mid-Atlantic region, totaling 6,000 apartments in projects ranging from 9 to 768 units.
§ Self-manage our properties, and have in-house construction management, and asset management.
§ Named 2013 Nonprofit Developer of the Year by the Housing
Association of Nonprofit Developers (HAND).
§ Winner 2013 Nonprofit Business of the Year—Arlington Chamber of Commerce
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History of AHC
Unique Resident Services Programs § Rationale: Promotes learning &
connects families to services
§ Invest $1.2 million annually
§ Serve 2,000 children and seniors
§ Partner with 30+ community organizations
§ Support from 150 volunteers
§ Results: § 100% of high school participants
graduate, 80% attend college § 75% of all participants have GPA
of 3.0 or higher
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� Low-Income Housing Tax Credits (4% & 9%, VHDA/MCDA) � Conventional debt w/9% tax credit (local bank, FHA/GSE) � Tax-exempt bonds w/4% tax credit (private-placement & public
issue) � Local government support (Arlington, Alexandria, Montgomery,
Fairfax, Baltimore, Baltimore County) � Conventional debt + equity for buy-&-hold properties � Historic Tax Credits—federal and state
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AHC Financing Experience
Recent New Construction Project: The Jordan
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§ 90 apartments, 4.1 Site Plan
§ Walking distance to Ballston Metro, Ballston Common Mall, shops and employment centers
§ Outdoor courtyard, water- play feature, BBQ area, library, community room
§ Partners: JBG & Arlington Co. § Award winner:
DESIGNArlington Award from Arlington County, and Affordable Housing Council
§ TDC--$27 million
Site Orientation
� Location maps
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Aerial View
� map
County land
AHC land
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Triangle @ Courthouse— Building Section (looking south)
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Triangle @ Courthouse Plan View—Typical Floor
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Triangle @ Courthouse— Overview � 68 apartments � 30 parking spaces � Rents—60% AMI
� 8 Eff. $1,123/month ($110 utility allowance) � 14 1-br $1,203/month ($150 utility allowance) � 46 2-br $1,444/month ($200 utility allowance)
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Triangle @ Courthouse— Financials
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Triangle @ Courthouse— Project Benefits
� 7-minute walk to Metro � 2-minute walk to public bus stop � 5-10 minute walk to shopping, market,
restaurants, & elementary school � Pre-K & after-school programs next door � Newly renovated public park next door � 5-minute car ride to D.C. � 8 supportive housing units (persons with
mental health challenges)
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Triangle @ Courthouse Project Challenges � AHC must undertake a major site plan
amendment—lengthy and expensive Arlington County approval process
� Land is currently an unbuildable site (but fortunately on the County’s priority list of “Public Land for Public Land”), requiring re-subdivision to create buildable lot
� Parking is less than typically required by Arlington
� Utilities must be re-routed � Adjacent to Route 50—auto traffic
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Triangle @ Courthouse— Sponsor Requirements � Using 4% credits to avoid delay or uncertainty,
resulting in $1.15 tax credit price � Material financial investment needed from
Arlington County (requires multiple community approvals)
� Fix AHC guarantees to no more than the total paid developer fee
� 8 program units may be underwritten at 50% AMI � Reserves: Sponsor wants control of all reserves at
the end of the tax credit compliance period � Reserves: during operations, they can be used for
any issue without invoking guarantee claims
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Triangle @ Courthouse— What’s Next � Meet with County staff to review design, program,
and zoning matters � Architect to prepare design-development scheme � Apply for major site plan amendment, including
obtaining waivers from Arlington County on parking requirements and other zoning matters
� Finalize residential program, including supportive housing or “high barrier” apartments
� Update construction budget & financial projections
� Apply for tax-exempt bonds in 2015
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