The Affordable Housing Investment Fund (AHIF) is the County’s main financing program for affordable housing development. Since its creation in 1988, AHIF has helped to create the majority of Arlington’s more than 7,000 approved affordable rental units that benefit low- and moderate-income households. In conjunction with the Affordable Housing Ordinance, this revolving loan fund provides incentives for developers through low-interest loans for new construction, acquisition and rehabilitation of affordable housing. Since 2000, the County has originated more than $200 million in loans for affordable units.
A total of $13 million has been allocated for AHIF for Fiscal Year 2015. The fund is comprised of local and federal dollars and is also supported by loan repayments and developer contributions. For most projects, every $1 of public funds can leverage $3 in private funds. The AHIF is often used in combination with other Affordable Housing Financing Programs.
Project Funding Guidelines
The AHIF Funding Guidelines FY16 guide the review and evaluation of AHIF loan requests and form the basis for making funding recommendations to the County Manager and County Board. The guidelines describe:
- Guiding principles that apply to all project proposals
- Criteria for demonstration of need/consistency with County Affordable Housing Goals and Targets
- Project effectiveness and financial efficiency review
- Special considerations
Examples of projects that may meet these guideline criteria include:
- Acquisition, rehabilitation and/or development of affordable multifamily units
- Specialized housing for the elderly, the homeless or persons with disabilities
- Affordable home ownership opportunities
How to Apply
- Review the AHIF Funding Guidelines FY16
- Contact us to discuss the proposed project and the loan application process.
- Submit a letter of intent, as described in Exhibit 1 of the Guidelines. All letters of intent will receive a response from Housing Division staff with a recommendation. If the recommendation is to proceed with an application, you will continue to step 4.
- Submit a completed AHIF Application. Provide additional materials and meetings with staff as requested.
- Work with staff to prepare for and attend Housing Commission, County Board and public meetings as needed. Following the review at those meetings, the County Board will vote on the funding request.
Note: If a project requires site plan or use permit approval, additional review and a community process may be necessary. Read more about site plan and use permit reviews.