Fully Affordable Community to Open Near Washington, DC
- Feb 19, 2021
The Spire, AHC Inc.’s newest affordable housing community in Alexandria, Va., will open to residents in April. The developer broke ground on the 113-unit project in 2019, according to Yardi Matrix data. Cunningham-Quill provided architecture services and Harkins Builders served as general contractor.
The Spire story began in 2014, when nonprofit AHC partnered with the Episcopal Church of the Resurrection for the redevelopment of their 2-acre property at 2280 N. Beauregard St. in the West Beauregard neighborhood. Plans involved demolishing the existing church and building an affordable housing community in its place, with a smaller worship space nearby. The church’s congregation nearly unanimously approved the project.
Now very close to completion, The Spire comprises one-, two- and three-bedroom floorplans averaging 889 square feet, with all units restricted to households earning from 40 to 60 percent of the area’s median income. All apartments have Energy Star-certified kitchen appliances and individually controlled, high-efficiency HVAC systems. Communal amenities include a fitness center, community room and landscaped terrace, as well as underground parking.
The community is 5 miles northwest of downtown Alexandria and 9 miles southwest of downtown Washington, D.C. The location is only 1 mile from a 326-unit community acquired by Alexandria Housing Development Corp. last February for $106 million and redeveloped into a partially affordable housing property.
Public and private financing sources
The project received a total of more than $48.3 million from local, state and national funds, including $23 million in tax credit equity from the Virginia Housing Development Authority, a $9.9 million construction loan from the City of Alexandria, a $1.3 million loan from Virginia/National Housing Trust Funds and a $500,000 loan from the Federal Home Loan Bank of Atlanta.
Other sources included a $11.5 first trust loan from Capital One and Freddie Mac and $500,000 from NeighborWorks America. The City also provided a rental assistance grant of $350,000 to make 12 apartments deeply affordable.