City of Alexandria, Virginia
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MEMORANDUM
DATE: MARCH 29, 2022
TO: THE HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL
THROUGH: JAMES F. PARAJON, CITY MANAGER /s/
FROM: EMILY A. BAKER, DEPUTY CITY MANAGER
HELEN S. MCILVAINE, DIRECTOR, OFFICE OF HOUSING
ERIC KEELER, DEPUTY DIRECTOR, OFFICE OF HOUSING
TAMARA JOVOVIC, HOUSING PROGRAM MANAGER, OFFICE OF HOUSING
DOCKET TITLE:
TITLE
Consideration of a City Loan of $700,000 in Federal Community Development Block Grant (CDBG) Funds to Wesley Housing for an Elevator Modernization Project at Parcview Apartments.
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ISSUE: Consideration of a loan to fund the modernization and repair of the elevators at ParcView Apartments.
RECOMMENDATION: That the City Council:
1. Approve a $700,000 loan comprised of federal CDBG funds to perform critically needed repairs to the elevator system serving ParcView Apartments;
2. Approve the transfer of $700,000 in CDBG funds from the Home Rehabilitation Loan Program to the Housing Opportunities Fund for this loan; and
3. Authorize the City Manager to execute any necessary documents to facilitate the loan.
BACKGROUND: Located at 5380 Holmes Run Parkway (Attachment 1), ParcView Apartments is a 149-unit rental community with 120 units offering rents affordable to households with incomes up to 60% of the area median income (Attachment 2). The property also has an additional 29 non-income restricted units which further expand housing opportunity in the West End. As of September 2021, 79 resident households (53%) had Housing Choice Vouchers, and 87 had annual incomes at or below $50,000.
ParcView was built in 1973 by Landmark Association LP using federal funds to enhance senior housing affordability. The property was sold to Wesley Housing in 2006 with the City providing a $9 million loan to help preserve this important housing resource. Wesley Housing, a regional affordable ho...
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