ARLINGTON, Va. (WDVM) — Amazon and Arlington County is making investments into preserving more than 1,300 affordable apartments at the Barcroft Apartment community for 99 years.
The County Board committed to a $150 million loan to support the acquisition of the property during its Tuesday meeting. While Amazon will be committing $160 million in a low-rate loan from its Amazon Housing Equity Fund. All in an effort to support the preservation.
The Director of the Amazon Housing Equity Fund, Catherine Buell, explains the reasoning behind this investment.
“The shortage of affordable housing has been a chronic challenge for this region. By teaming up with Arlington County, Amazon can help be a part of the solution,” said Buell. “Joining forces with a diverse group of public and private housing partners ensures that moderate- to low- income families are supported with access to opportunity and long-term financial stability. These families are the heart of our community and include teachers, law enforcement, construction and transit workers, just to name a few.”
This is one of the single largest affordable housing efforts, according to the county, in this region.
The funds from the County and Amazon will go towards adding amenities, addressing repairs and making upgrades to the property.
“Arlington County is committed to safe, stable affordable housing for Arlington residents,” said County Board Chair Matt de Ferranti.” This is a once-in-a-generation opportunity to preserve the largest neighborhood of privately owned, naturally occurring affordable housing in the County. By our actions today, we take a big step toward ensuring that the 1,100 current families living in this community are able to stay in their homes and have safe and affordable housing for the foreseeable future.”
This agreement will make sure that the Barcroft property will remain affordable for future generations to come. Future rent is expected to be capped at no more than a 3% increase per year. While currently residents are guaranteed current rent levels for the first year after closing.