City of Alexandria, Virginia
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MEMORANDUM
DATE: APRIL 23, 2026
TO: THE HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL
THROUGH: JAMES F. PARAJON, CITY MANAGER
FROM: HELEN S. MCILVAINE, DIRECTOR, OFFICE OF HOUSING
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Consideration of a Resolution Authorizing the Issuance of Revenue Bonds by the Alexandria Redevelopment Housing Authority (ARHA) for the Rehabilitation of The Ladrey Project.
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ISSUE: Consideration of a Resolution authorizing the issuance of revenue bonds by the Alexandria Redevelopment and Housing Authority (ARHA) in an amount not to exceed $20,000,000 to Ladrey Rehab LLC to rehabilitate the 11-story building, The Ladrey, located at 300 Wythe Street in the City of Alexandria, Virginia.
RECOMMENDATION: That City Council receive and adopt the attached Resolution (Attachment 1), as recommended by ARHA.
BACKGROUND: The goal of The Ladrey project is to preserve deeply affordable senior housing while achieving high-quality spaces and amenities for residents. The project will result in the preservation of housing for 159 senior and disabled households. The building redesign will eliminate existing studio units and introduce 10 two-bedroom, two-bath units to accommodate live-in aides. There will also be the addition of 17 fully accessible units, significantly exceeding the 5% minimum accessibility requirement. New one-bedroom units will be added within the underutilized elevator lobby space. The building design will accommodate residents that wish to return.
The ground floor will also be redesigned to include attractive and flexible resident amenities, a security desk, and management offices with a direct view of the entrance, as well as a clear path and line of sight from the entrance to the courtyard. A new lounge on the 11th floor will provide additional amenity space and highlight views of the Potomac River and surrounding areas.
The developer’s presentation to ARHA regarding The Ladrey rehabilitation work is attached (Attachment 2).
DISCUSSION: Construction of The Ladrey project is expected to begin by the end of 2026. The bond program expands access to tax-exempt and taxable bonds for qualified developers seeking financing to acquire, rehabilitate, and/or develop eligible multifamily projects. Projects proposed for this financing must provide either 20% of units at rents affordable to households with incomes at or below 50% of the area median income (AMI), or 40% of units at rents affordable to households with incomes at or below 60% of AMI.
The bond program generates fees for ARHA in exchange for issuing the bonds and monitoring financed projects. Pursuant to Section 147(f) of the Internal Revenue Code of 1986, as amended, City Council-as the governmental unit with jurisdiction over ARHA as an issuer of private activity bonds and over the area where the project is located-must approve the issuance of the bonds through a Resolution. ARHA held a public hearing regarding the bond issuance at its Board meeting on March 23, 2026 (Attachment 3) and approved the issuance at that same meeting (Attachment 4).
FISCAL IMPACT: No impact to the City. ARHA has the authority to issue revenue bonds for certain activities and has done so frequently in the past. An administrative fee is charged to applicants for bond financing. Because the bonds are conduit revenue bonds, neither the City nor ARHA is obligated to repay the bonds or the interest on them. The obligation rests solely with the borrower, Ladrey Rehab LLC.
ATTACHMENTS:
1. Resolution for ARHA Revenue Bonds for The Ladrey
2. Developer’s Presentation regarding The Ladrey
3. ARHA 2026 Notice of Public Hearing for 300 Wythe Street
4. Resolution for Approval of Issuance of Bond for The Ladrey
STAFF:
Emily A. Baker, Deputy City Manager
Christina Zechman Brown, Deputy City Attorney
Aspasia Xypolia, Deputy Director, Office of Housing
Kevin Greenlief, Director, Department of Finance