AHDC acquires Park Vue to provide committed affordable housing

AHDC acquires Park Vue to provide committed affordable housing
Image/Alexandria Housing Development Corporation

By Olivia Anderson | oanderson@alextimes.com

The Alexandria Housing Development Corporation announced on Feb. 23 that it acquired Park Vue of Alexandria with the intent of converting it into committed affordable housing, according to a news release.

The 196-unit community of studio, one- and two-bedroom units is located in the Arlandria-Chirilagua neighborhood, which has faced increasing redevelopment and resident displacement over the past few years. According to the release, AHDC will convert Park Vue into committed affordable housing that will maintain rents for households making up to 60% of the area median income.

“AHDC’s goal is to ensure that those who are currently living in this community have the chance to stay, and that households of all incomes will be able to enjoy the benefits of this vibrant neighborhood well into the future,” Jon Frederick, AHDC’s president and CEO, said in the release.

The Amazon Housing Equity Fund, which serves to preserve and create more than 20,000 housing units in Washington state, Virginia and Tennessee, paid $51.4 million in a low-rate loan to complete the purchase of the property.

“The Fund increases housing options for moderate to-low-income families by providing affordable housing providers with quick access to low-rate loans to create or preserve buildings where affordability would have otherwise been lost to commercial-rate development,” the release reads.

The city will maintain a 99-year affordability covenant with Amazon. AHDC is set to rebrand this community in the coming months.