Thursday, March 26, 2009

More Money for Macedonia

The Arlington County Board has approved up to $2.855 million in low-interest loans for the Nauck Development Partners' (NDP) affordable housing redevelopment of the Macedonia Baptist Church

in Arlington. Per the terms of the approval, all of the building's 36 units are to remain "guaranteed affordable" for a minimum of 75 years.

NDP, which is a partnership between the Church, the Bonder and Amanda Johnson Community Development Corporation and AHC Inc., previously sought another $2.86 million low-interest loan and $40,000 County grant from the Board in January - both of which were summarily approved. NDP has secured $14 million in financing for the project, nearly $6 million of which is drawn from County funds. Part of the Macedonia's funding package will come in the form of 4% tax credits and tax-exempt bond financing via the Virginia Housing Development Authority, which the development team had been vigorously pursuing since last summer.

Located on three neighboring parcels at 2219, 2229 and 2237 Shirlington Road in the Virginia suburb of Nauck, the Bonstra Haresign-designed Macedonia will host the aforementioned 36-unit affordable in addition to two sections of commercial office space and a “small business incubator.” AHC Inc.’s Project Manager, Curtis Adams, told DCmud last December that the development team plans to begin construction in the late spring of 2009.


Anonymous said...

even if i was poor i wouldn't want to live in that ugly building...

Anonymous said...

looks like its made of legos

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