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Wesley Housing apartment acquisition will keep apartments affordable in Arlandria for 99 years

A new acquisition will preserve some affordable housing in Alexandria’s Arlandria/Chirilagua neighborhood for nearly 100 years. Wesley Housing has acquired the six-building Parc Square Apartments buildings.

Wesley Housing will now make immediate safety repairs, with a long-term plan to redevelop the property. The 1940s-era properties were acquired after Wesley Housing got a $2.3 million grant from the Amazon Housing Equity Fund, and conditionally will reman affordable for at least 99 years.

Wesley Housing will likely start construction on the major phase of redevelopment in 2025.

Amazon’s HQ2 has raise concerns in the area of gentrification, and the purchase establishes the path for a multi-phased redevelopment plan. The $2 billion Amazon Housing Equity Fund is intended to create and preserve upward of 20,000 affordable housing units in Arlington, Alexandria, and in Washington State’s Puget Sound region — three areas experiencing Amazon’s growth.

“Committing these units to long-term affordability and making critical repairs will greatly benefit existing residents and the community at large,” said Wesley Housing Vice President of Real Estate Development Kamilah McAfee. “Our ultimate goals are to reduce the economic burden of housing in this community, improve the quality of living for residents, contribute to income diversification, and attract private and public investment to generate economic opportunities and access to desirable amenities and services.”

As a condition of Amazon funding, the 66 units will remain affordable for at least 99 years.

“We are so pleased to be a part of the solution by addressing the affordable housing shortage,” said Catherine Buell, Director of the Amazon Housing Equity Fund. “By teaming up with organizations such as Wesley Housing, we are able to help grow the housing stock for moderate- to low-income households as well as support our communities of color whose diverse contributions help make Northern Virginia such a wonderful place to live, work, and thrive.”

Alexandria is currently experiencing an affordable housing crisis, and lost 90% of its affordable housing stock between 2000 and 2017. Consequently, the city has pledged to produce or develop thousands of units to meet 2030 regional housing goal set by the Metropolitan Washington Council of Governments

Via Wesley Housing

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