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 nearly 7,500 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 the inception of the AHIF program, the County has originated more than $274 million in loans for affordable units.
A total of $13.7 million has been allocated for AHIF for Fiscal Year 2017. 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 County loan funds can leverage $3 in private funds. The AHIF is often used in combination with other Affordable Housing Financing Programs.
Arlington County Notice of Funding Availability (NOFA) for AHIF and Federal Loan Funds for FY 2018
Arlington County is implementing a Notice of Funding Availability (NOFA) for FY 2018 (July 2017 – June 2018) AHIF and federal loan funds that will reflect the County Board-adopted Affordable Housing Master Plan and the accepted Implementation Framework.
A NOFA Advisory Group was created to provide feedback on staff recommendations which were presented at the December 6 2016 County Board work session.
How to Apply for FY 2018
FY 2018 applications were due Friday, March 10, 2017.
The application period is now CLOSED.
FY 2018 Project Funding Scoring Guidance
The FY 2018 NOFA for AHIF and Federal Loan Funds Scoring Guidance guides the review and evaluation of AHIF and Federal loan fund requests and form the basis for the FY 2018 pipeline funding recommendations to the County Manager and County Board.
Out-of-Cycle Applications
Out-of-cycle applications will be considered for time-sensitive 3rd party acquisitions on a case-by-case basis. The site must have existing residential apartment building(s) containing market affordable (MARK) units with rents up to 80% AMI. “Time-sensitive 3rd party acquisition” means the development is currently listed on the open market or will be listed on the open market in the immediate future.
If you are applying to be considered out-of-cycle email a letter to Melissa Cohen mcohen@arlingtonva.us with information about the project (location, units, price) and documentation of time-sensitivity (listing or letter from owner). Describe why an in-cycle application would preclude the ability to purchase.
Questions?
Please contact mcohen@arlingtonva.us.
Read the Questions and Answers document that contains answers to the questions staff has received to-date. This document will be regularly updated as new questions are received.