Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Housing Finance topic
No spam. Unsubscribe anytime.
Arlington Housing Finance Corp. authorizes initial step for April Housing to apply for private‑activity bonds to rehab Mayfield Park
Summary
AHFC reported Reserve at Mayfield (senior affordable housing) is complete and fully occupied; the AHFC board approved an initial resolution allowing April Housing to apply for private‑activity bond allocation to acquire and rehabilitate Mayfield Park Apartments and to explore extending affordability beyond the current 2030 expiration, subject to further approvals and property‑tax PILOT discussions.
Mister Peele reported to the council on Oct. 14 for the Arlington Housing Finance Corporation that the Reserve at Mayfield senior affordable housing project—originally financed with bonds in 2022—is complete and fully occupied, and that staff continues work to transition from construction financing to a permanent mortgage.
Peele said April Housing has asked the AHFC board for permission to apply for an allocation of private‑activity bonds to acquire and rehabilitate Mayfield Park Apartments, an existing affordable housing development whose affordability restrictions are scheduled to expire in 2030. He said the board approved the initial step to allow April Housing to apply for bond allocation; if the project advances it would require additional approvals, review by AHFC’s financial advisor and bond counsel, and any agreement would include a payment in lieu of taxes to the city consistent with increased property valuation.
Peele noted that even if AHFC approves an application to seek bond authority, there are multiple subsequent approvals and technical steps (including legal certificates and counsel review) before any refinancing or rehabilitation work could proceed. He also described that AHFC staff will work with the financial advisor and bond counsel to determine whether a viable partnership can be struck.
The council did not take any final financing action during the afternoon work session; the AHFC board’s approved initial step allows April Housing to pursue an application but does not commit city financing or complete a bond issuance.
