Posted by Jill Norcross on October 27, 2009 at 10:10:33:
AHC Opens Affordable Condominium Project in Arlington
County
Sarah Krouse
Washington Business Journal, October 14
Arlington's "it" affordable housing developer,
AHC, Inc. has delivered a 10-unit condominium
building in Nauck — the largest affordable
homeownership project in the county in over 4
years.
Davis Place, designed by Cunningham Quill,
was developed for moderate-income families
and includes two and three-bedroom units.
The property was given to AHC three years ago
by an anonymous donor who wanted the land
to be used for affordable housing.
Units in the three-story building are available to first-time homebuyers who earn up to 80 percent of
the area median income ($82,200 for a family of four).
Davis buyers will work with Arlington County's Moderate Income Purchase Assistance Program,
which aims at reducing mortgages and helping eligible homebuyers to receive up to 25 percent of
the purchase price. It also helps pay for a portion of the down payment and closing costs.
The project is named after an AHC founding member and affordable housing advocate Jennie
Davis.
In August, AHC, received nearly $4 million in tax credits through the Virginia Housing
Development Authority for the 36-unit Macedonian project in Nauck and The Jordan, a 90-unit
project near the Ballston Metro.