1. Nina Janopaul, President/CEO, njanopaul@apah.orgnjanopaul@apah.org Arlington Partnership for Affordable Housing APAH owns, develops and preserves quality homes that are affordable and enhance the Arlington community. Creating New Affordable Homes on Columbia Pike 2012 Leckey Forum

2. The Need for Affordable Housing is Increasing: CAFs 40-60% MARKS 60-80% MARKS Market Rate (>80%) Unknown Total rental stock 2000** 4,307 units17,5008,5004,6853,03538,027 2011 5,900 units5,29811,01721,340043,555 change in market share + 3%- 34%+ 2%+ 37%

3. Affordable Housing on Columbia Pike CAFs 60% MARKS 80% MARKS Market Rate (>80%) UnknownTotal rental stock Arlington rental stock (overall) 14%12%25%49%0%43,555 Columbia Pike rental stock13%32%35%19%4%9,077 Based on 2011 data

4. Columbia Pike Baseline Columbia Pike CAFs1,204 60% MARKS (40-60%) 2,924 MARKS (60- 80%) 3,191 Market Rate (>80%) 1,707 Unknown51 Total Rental Stock 9077

5. Neighborhood Planning Process 2008 Plenary Group of stakeholders Working Group of key leaders and staff met for two years 2011 Consulting team hired 2012 Arlington County Board approved plan

6. Bonus Density “Tier 1” Up to 6500 new units 20-35% must be affordable onsite = 1100 New affordable units Bonus Density “Tier 2” Up to 400 new units 25% must be affordable onsite = 700 New affordable units Potential CAFs Achieved Through Increased Density = 1800 units

7. Sedona Developer: JBG Under construction in Rosslyn Original site: 84 units (92 bedrooms) New construction: 454 units Affordable housing: 54 units (92 bedrooms) In Rosslyn, JBG is building Sedona. JBG used the 25% bonus provision that allowed them to build 454 units of which 54 (92 bedrooms) will be affordable housing. Innovation, Mixed Income Example: Bonus density onsite for affordable units

8. New CAF Density Approved = 1300 units (on Committed Affordable sites) 1300 new units Assumes 80% affordable 10 current CAF sites 969 total units Current CAF owners: APAH, AHC, Silverwood and Kettler

9. Columbia Grove Year Built: 1954 APAH purchased: 2003 Renovated: 2009 Neighborhood: Columbia Forest # of Units: 208 # of Affordable Units: 130 Unit Sizes: 1 and 2 bedroom Under Neighborhood Plan, could add 200-400 new units. Preservation Example: Potential for increased density at existing CAF site

10. Transfer of Development Rights = up to 1350 units Sending sites –Barcroft –Fillmore Gardens Receiving sites (assumes 3:1 ratio) –“ Alternative heights” on East End (300 units) –New density on Pike nodes (450 units) –New density off the Pike (600 units) –New density onsite at Barcroft

11. Example: Potential transfer of development rights Under the Neighborhood Plan property owners could sell density to commercial developer. Fillmore Gardens Apartments 559 one and two bedroom units on 24 acres Barcroft Apartments 1318 one, two and three bedroom units on 57 acres

12. Potential Arlington County Subsidy Needs AHIF need estimated at $85,000/unit for 3300 units not provided onsite Consider new Tax Increment Financing to supplement AHIF $280M total need, assumed without inflation, spread over 30 years at $9M/year

13. Pike Plan Identified Affordable Home Ownership a Priority 3,679 condos identified along Columbia Pike Average price of $196,000 worth over $700 million in home ownership Pike Plan recommended technical assistance to preserve this valuable resource for first-time, low and moderate income buyers