The Owner of Park Shirlington Apartments (Standard Foundation Park Shirlington LLC) has proposed renovating all of the property’s existing 293 units and committing them to long-term affordability. To assist with the renovations, the Owner plans to utilize an Affordable Housing Investment Fund (AHIF) loan, among other financing sources. It is anticipated the AHIF loan request will be considered at the July 17, 2021 County Board meeting. Renovation of the units would be anticipated to begin in 2022, pending County Board approval of the AHIF request and final loan documents.
|Timeline||Milestone / Meeting||Materials|
|June 3, 2021||Housing Commission Meeting (Information)|
|July 8, 2021||Housing Commission Meeting (Action)|
|July 14, 2021||Tenant Landlord Commission Meeting (Information)|
|July 17, 2021||County Board Meeting|
*Process timelines are subject to change as needs arise. Check back for updates.
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. The extension of the loan term to January 1, 2022 is anticipated to be considered at the July County Board meeting, concurrently with the AHIF loan request.