Alexandria Times, June 29 – July 5, 2006
Preserving Units

Council also approved a loan to Wesley Housing Development Corporation that will preserve 117 units of affordable rental housing in Alexandria. Wesley will purchase and renovate ParcView Apartments at 5380 Holmes Run Parkway in the city’s West End. The renovated complex, formerly known as Landmark Apartments, will have 146 units, including 79 one-bedroom and 67 two-bedroom apartments. Wesley will set aside 80 percent (117) of the units as affordable housing.

“This program will provide a significant number of needed rental units for moderate-income residents of the city,” Euille said. “I am very pleased that established nonprofit developers such as Wesley are continuing to work with the city to preserve expanded affordable housing opportunities for our residents.”

The city will loan Wesley up to $9 million from its Affordable Housing funds toward the total purchase price of $24 million. Wesley Housing Development Corporation is a nonprofit organization that develops and preserves affordable housing for limited income individuals and families in the greater Washington area. 

Wesley owns and operates two affordable rental properties in the city, the 28-unit Lynhaven Apartments on Commonwealth Avenue and the 41-unit Beverly Park Apartments on Notabene Drive. Both were acquired with the assistance of loans provided by the City of Alexandria.