Alexandria Gazette Packet, June 29 – July 5, 2006
The $9 Million Loan

After years of talk about increasing affordable housing options in Alexandria, the City Council put its money where its mouth has been at its Tuesday meeting. Council members voted unanimously to approve a $9 million loan to Wesley Housing Development Corporation to help it acquire ParcView Apartments at 5380 Holmes Run Parkway.

“The loan, which would be formally reviewed and approved when the council convenes again in September, would be funded from the Affordable Housing Initiatives account,” wrote City Manager Jim Hartmann in his recommendation of the loan. “For the length of Wesley Housing’s ownership, but in no event less than 40 years, 80 percent (117) of the units shall remain affordable to households at 60 percent of the area median income."