Alexandria housing authority asks city to guarantee $56.8 million VRA loan to buy Silver Fox senior building

ARHA CEO Eric Johnson told the Alexandria City Council on June 10 that the Alexandria Redevelopment and Housing Authority has an executed purchase-and-sale agreement to buy Silver Fox, a 133‑unit senior building, and is seeking a city guarantee for up to $56,800,000 in Virginia Resources Authority (VRA) bond financing to close the deal.

The request is intended to provide a permanent relocation option for many residents now living at the city’s aging Ladrey senior high‑rise while Ladrey is renovated. Johnson said the purchase price agreed with the seller was $56,800,000 and that ARHA would allocate about 110 project‑based vouchers to the property to raise the building’s share of affordable units from roughly 7% to about 83%.

Why this matters: ARHA said the acquisition would speed moves for seniors who otherwise face multi‑year renovation timelines at Ladrey and increase the city’s stock of permanently affordable senior housing. City staff and council members pressed ARHA on federal funding risk, underwriting, collateral and operational oversight — and emphasized that council would not vote on a guarantee the same night.

ARHA presentation and request Eric Johnson, ARHA’s chief executive, described Silver Fox as a newly constructed, market‑rate building delivered in June 2024 that is currently about 18% occupied and managed by a third party. Johnson said the building’s seller accepted ARHA’s offer and that ARHA’s plan is to use VRA bonds at a quoted interest rate of about 4.68% plus roughly $5.5 million in equity for a total project cost around $61 million. He told council the building would provide an immediate option for many Ladrey residents while…