APAH Closes Financing; Construction to Begin on The Springs; Groundbreaking Celebration Announced – February 9, 2015
APAH Closes Financing; Construction to Begin on The Springs Apartments; Groundbreaking Celebration Announced
Arlington, VA (February 9, 2015) – The Arlington Partnership for Affordable Housing (APAH) today announced the closing of construction financing for The Springs Apartments (555 N. Thomas Street, Arlington, VA 22203). Financed with equity from Bank of America Merrill Lynch and construction loan proceeds from Bank of America Merrill Lynch and the Virginia Housing Development Authority (VHDA), The Springs will provide new committed affordable housing close to the Ballston Metro. Groundbreaking is planned for March 11, 2015, from 1:00 – 2:30 pm and completion will be in fall 2016.
“APAH is deeply appreciative of the visionary and creative Arlington County leadership, which made these new, quality, affordable homes possible by rezoning our site for more density and providing a $7.8 million loan from their Affordable Housing Investment Fund (AHIF),” said APAH President/CEO Nina Janopaul. “Many thanks to our supportive funders, VHDA and Bank of America Merrill Lynch and to our capable development team.”
Click Here to Read the Full News Release.
Click Here to Register for The Springs Groundbreaking Celebration.
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APAH is a nonprofit that develops, preserves, owns, and advocates for quality rental housing that is affordable to low and moderate-income families and promotes opportunity for residents through partnerships and programs. APAH works exclusively in Arlington County. Founded in 1989, APAH is the only nonprofit affordable housing developer working exclusively in Arlington County. APAH now helps 1200 households live in stable, secure and affordable rental homes. In 2014 APAH was named Developer of the Year by the Housing Association of Nonprofit Developers (HAND) and APAH’s Arlington Mill Residences was awarded Best Housing Development in Virginia at the Virginia Governor’s Housing Conference. APAH received the Prize for Innovation and Impact from the Arlington Community Foundation in 2011; in 2009 APAH received the HAND Innovation Award and in 2008 was named Best Nonprofit by the Arlington Chamber of Commerce.
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