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AHC Looks to Transfer Development Rights to Key Boulevard
Posted November 28, 2010
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Arlington, VA-based AHC Inc., a nonprofit developer of affordable housing, is exploring a plan to double the number of affordable apartments a few blocks from the Rosslyn Metro, one of the busiest stations in the D.C. region. AHC hopes to renovate Key Boulevard, an aging 1940s apartment community with 41 units, using the organization's "density not dollars" strategy.
To increase density on the 1.24 acre site, AHC is proposing to transfer development rights from an existing affordable community in the Metro corridor that was renovated between 2005 and 2007. Because AHC's renovation maintained the Gates of Ballston's historic integrity with its low-rise garden-style ambiance, the property is under-developed with available development rights.
To add to the Key Boulevard project's financial sustainability, AHC is proposing a mixed-income concept for the site with about half of the proposed 160 to 170 units reserved for affordable housing. This model would alleviate the need for financial resources from Arlington County, which would allow those resources to fund additional affordable housing in the county.
"One of AHC's goals is to increase the number of transit-oriented, green affordable living opportunities for Arlingtonians with low to moderate-incomes," said Walter D. Webdale, President and CEO. "By combining our ‘density not dollars' strategy with a mixed-use development, AHC hopes to double the number of affordable apartments within walking distance of a busy Metro station."
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