Page 359 - FY 2009 Proposed Budget

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 Tax Credit Pilot Project Maximize Use of Federal Funding Shared Services (Housing)
1.2.3 Allocated to Assist Qualified Persons to
Reside in Safe, Decent Housing
Summary:

The City Council approved Consolidated Plan, and
the Housing Needs Analysis identify a need for
affordable rental housing in Arlington. To address
this need, a framework for reviewing and
approving housing tax credit proposals, as well as
a Housing Tax Credit policy was developed and
approved by City Council. The Spanish Park
redevelopment is undertaken as a pilot project to
evaluate the use of tax‐exempt financing and
housing tax credits as tools for improving aging
housing stock in Arlington and is a partnership
with the Arlington Housing Finance Corporation.

The Spanish Park project is a $14 million rehab of
an existing 350‐unit apartment complex that was
originally built in the 1960’s. The project is
currently an affordable housing development and
will remain so. The project proposes new signage,
lighting, windows, stairs, railings, interiors exterior
finishes and improvements to the sidewalks and
parking lot.

Update:
The transaction closed in December 2020 and
rehab began immediately and was anticipated to
st
be complete by the 1 quarter FY 2021 but is well
ahead of schedule.

This quarter, 9.19% of the construction spend has
been with minority or women owned businesses.

Of the 350 units, all have been rehabbed, and 224
are now occupied. With the exception of
landscaping, all work is completed, much of it
ahead of schedule.

8