News

Financing for new affordable housing development headed to City Council

Rendering for Mount Vernon and Glebe, via AHDC

An upcoming City Council meeting could see the city helping to fund a significant boost to Arlandria’s affordable housing stock.

City Council is scheduled to review a $10.5 million loan to the Alexandria Housing Development Corporation (AHDC) for the new Mount Vernon-Glebe Affordable Housing Project at a Tuesday, Feb. 22 meeting. The new development would have 482-units, all of them set aside for various levels of affordable housing.

A report by city staff said the loan not only helps finance the project but helps boost its potential to get loans from other sources.

The project is currently projected to cost $43.9 million total.

The report also included a timeline for the new project. Some of the infrastructure work could start as soon as the third quarter of fiscal year 2023, with actual building construction starting in 2024. Parts of the project are estimated to be finished by late FY 2025 and full completion is anticipated for the end of FY 2026.