City of Alexandria, Virginia
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MEMORANDUM
DATE: MAY 21, 2024
TO: THE HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL
FROM: JAMES F. PARAJON, CITY MANAGER /s/
THROUGH: HELEN S. MCILVAINE, DIRECTOR, OFFICE OF HOUSING
DOCKET TITLE:
TITLE
Consideration of a loan to Wesley Housing of up to $291,300 to fund the partial renovation of Parc Square Apartments.
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ISSUE: Consideration of a loan to Wesley Housing to fund the partial renovation of Parc Square Apartments (Attachment 1).
RECOMMENDATION: That City Council:
(a) Approve a Housing Opportunities Fund (HOF) loan of up to $291,300 comprised of federal HOME Investment Partnership Program (HOME) monies to renovate eight units and address structural issues at Wesley Housing's Parc Square Apartments; and
(b) Authorize the City Manager to execute such documents as may be necessary to implement and secure the loan.
BACKGROUND: Parc Square Apartments is a collection of five garden-style scattered site buildings, totaling 66 units in the Arlandria-Chirilagua neighborhood. The buildings are located at 525 and 527 Four Mile Road, 604 Notabene Drive, and 3906 - 3812 Old Dominion Boulevard. The community offers committed affordable units to households with incomes up to 60% of the area median income (AMI), including four units with rents affordable to households with incomes at or below 55% AMI and one unit with a rent affordable to households with incomes at or below 45% AMI (Attachment 2).
Parc Square was built in the 1940s.The property serves as an important housing resource in Arlandria Chirilagua, a neighborhood that continues to face pressure on its housing market due to its proximity to National Landing, Potomac Yard, Amazon HQ2, and surrounding higher-income neighborhoods. In 2019-20, the City accelerated its Small Area Planning process for the neighborhood in part to develop strategies and tools to preserve, improve, and ex...
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