BOSTON, MA - Boston Capital is investing in the construction of Old Town Commons (Phase V), a 54-unit development for families located in Alexandria, Virginia. The development will be built with tax credit equity from the Low Income Housing Tax Credit (LIHTC) program. Old Town Commons represents Boston Capital's sixth investment with the Alexandria Redevelopment and Housing Authority (ARHA) and EYA. The apartment community is being developed in partnership with the Virginia Housing Development Authority (VHDA).
The construction of this final phase of Old Town Commons will generate $5.6 million in local income and create approximately 82 jobs in the Alexandria area. Boston Capital's investment in the development adds 54 units of affordable housing to its apartment portfolio. To date, Boston Capital has invested in nearly 13,200 units of affordable housing in Virginia.
"Boston Capital is pleased to once again partner with the Alexandria Redevelopment and Housing Authority and EYA, helping to meet the growing demand for high-quality affordable housing units for families in the Alexandria market," said Jack Manning, president and CEO of Boston Capital. "The close proximity to shopping, services and public transportation will contribute favorably to the desirability of the property."
Located seven miles from Washington, DC, Old Town Commons will feature 40 two-bedroom and 14 three-bedroom units situated in 10, three and four-story buildings. Amenities will include dishwashers, central air and washers and dryers. All units will be certified through the EarthCraft program, meeting a number of criteria that ensure sustainable, efficient design and function. Units will be available to families earning 60 percent or less of the Area Median Income (AMI).
ARHA will provide residents of Old Town Commons with access to the Family Self-Sufficiency Program which helps families secure employment leading to economic independence. Program coordinators work with social services, educational institutions, employment training and job readiness programs, financial literacy, and other community partners to help residents find permanent employment. Additionally, residents will benefit from the development's close proximity to a Metro Station as well as the Charles Houston Recreation Center, which offers a wide range of facilities, classes and services.
About Alexandria Redevelopment and Housing Authority
The Alexandria Redevelopment and Housing Authority (ARHA) is a public agency that has established itself in Virginia as a leader in the provision, preservation and expansion of high quality affordable housing and the empowerment of low and moderate income families in the City of Alexandria. ARHA also acted as the affordable units' developer in this effort and enjoys a reputation for innovation in its development efforts. ARHA owns and manages over 2,000 units of market rate and publicly assisted housing and manages 1,917 Section 8 Housing Choice Vouchers. ARHA uses primarily entrepreneurial funds in the provision of educational and career advancement opportunities to residents through social service programs in an effort to help residents on a path of self-sufficiency. Of the over 7,000 residents ARHA serves, roughly 1/7th are children ages four to 17. Operating under the slogan of "Building Community Partnerships," ARHA takes great pride in working with a diverse group of partners to deliver value added programs and services to residents. For more information, visit www.ARHA.us
About EYA
EYA is a smart growth developer, specializing in walkable new townhome communities and mixed-use developments. Since its founding in 1992, the company has built nearly 30 neighborhoods in the Washington Metropolitan area. For more information on the company or its neighborhoods, visit www.eya.com
About Boston Capital
Boston Capital, headquartered in Boston, MA, is a real estate investment and advisory firm specializing in tax advantaged investments in affordable multifamily housing and energy, and equity investment in market rate apartment communities. Boston Capital's holdings include more than 2,260 multifamily apartment properties in 49 states and the District of Columbia, constituting more than 155,520 apartments with a development cost in excess of $15.1 billion. Boston Capital is the largest owner/investor of apartment properties in the United States.