Page 349 - Microsoft Word - FY 2020 Adopted Budget Document

Champion Great Neighborhoods

Goal 1: Foster Healthy and Attractive Neighborhoods
Objective 2: Provide for a Variety of Housing Options
Project Performance Measure(s) City Service Team (Department)
CGN Secretariat Apartments Maximize use of federal funding allocated Shared Services (Housing)
1.2.1 to assist qualified persons to reside in safe,
decent housing
Summary:
$18,000,000
The Arlington Housing Finance Corporation (AHFC)
entered into an agreement with NRP Development $16,000,000
for the construction of Secretariat Apartments which
is new construction of 74 affordable, multi‐family $14,000,000
housing units for seniors. The AHFC owns the land
and is in the development’s ownership structure $12,000,000
through an affiliate, AHFC GP2, LLC.
$10,000,000
This project was undertaken to address the need for
affordable housing in Arlington neighborhoods. The $8,000,000
Housing Needs Analysis reports that 50% of renter
households in Arlington are cost burdened, and that $6,000,000
59% of senior renter households are cost burdened.
$4,000,000
The project closed May 2018 and construction is
$2,000,000
anticipated to continue through August 2019. The
graph to the right shows construction expenditures
$‐
for the 12‐month construction period.
123 456789 10 11 12 13 14 15
Budget YTD Expended
Update:
The project is complete and opened early July 2019.
The project is 70% leased, and 6.5% ahead of the
proforma. The development has both market rate Rendering:
and affordable units. The AHFC has earned and
received two PILOT payments and will receive a
portion of the developer fee at full lease up which is
anticipated in the first quarter for FY 2020.

Overall, the development achieved 8% of the
construction contracts and 30% of the management
contracts with minority owned businesses.

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