A long-delayed 116-unit apartment construction one obstruction north of the Clarendon Metro site will profit another $6.5 million credit from Arlington County, the live of supervisors decided Dec. 13. The county had already approved $6.7 million in loans to the of Clarendon and Arlington Partnership for Affrodable Housing that formed a nonprofit to own the building.
The county earliest approved the position design for the engagement in 2004, but sound challenges slowed progress. Because of rising draw rates and bring values for federal affordable covering tithe credits, the bring in of the fling has grown from an estimated $41.2 million to $49.2 million.
The county required some concessions to advance the accommodation quantity -- the developers, and , will edit their fees and the First Baptist Church of Clarendon will withstand $500,000 less for maturation rights. Also, the has increased the onus credits to a total $2.3 million for the project. The developer also agreed that rents for 70 units will be left below customer base for 75 years -- earlier, it had been a 60-year horizon.
Fifty-eight of the apartments would be dignified for families earning up to 60 percent of the enclosure median revenue (AMI), which varies by household size. Six of the units would be affordable to households earning up to 50 percent of the AMI and six would be affordable to households earning up to 40 percent of the AMI. This would aside individuals or families earning between $27,000 and $64,000 in today's dollars to splash out no more than 30 percent of their incomes on rent.
Twelve units will be second-hand by the county's sustaining casing program, for tenants with disabilities. Construction on the poke out needs to begin soon to into the Internal Revenue Service's deadline, to keep dark its levy credits. The IRS requires that the happening be consenting for occupancy by the hindmost era of 2011.
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