On January 26, 2021, the County Board exercised an Option to Purchase the portion of Park Shirlington Apartments located south of 31st Street South, also referred to as the southern parcel. This parcel contains 105 of the total 294 apartment units at the property. As part of this action, the County Board allocated $540,000 for a non-refundable deposit to the Owner (view the staff report).
The County exercised this Option as part of an effort to provide long-term committed affordable housing at the site. Between now and the end of the year, the County will explore all opportunities for achieving at least 294 committed affordable units. No changes to the operation of the apartments are anticipated and tenants will NOT be required to move or be asked to vacate as a result of this action by the County Board. The County sent a letter to tenants of Park Shirlington notifying them of this County Board action on February 5, 2021 and will keep community members and tenants informed of any plans being considered.
Background
On November 27, 2017, the County Board approved a $6 million AHIF loan to Standard Foundation Park Shirlington LLC (the “Owner”) to help finance the acquisition of Park Shirlington Apartments, a 294-unit apartment complex built in 1954. As part of the loan terms, all units are income and rent restricted to households earning up to 80% of Area Median Income and the loan term expires August 1, 2021.
County Option: As part of the loan documents that were executed in 2017 (and amended May 2020), the County Board has an Option Agreement that gives the County Board the ability to purchase the southern parcel of Park Shirlington Apartments, located south of 31st Street South and containing 105 units at a purchase price of $27,949,652. The Option to purchase the property can also be assigned to a third-party housing developer. The Option was intended to ensure long-term affordability at the property in the event approval of a plan for achieving at least 294 committed affordable housing units at the property was not accomplished before the Option term expired (view the staff report).