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vPoint Pays Back $1.2 Million County Loan

By Ethan Rothstein - ARLNow.com

Friday - 7/19/2013, 10:35am  ET

The newly-renovated Church at ClarendonvPoint Apartments, an affordable housing complex in Clarendon built on top of a church, has repaid part of its Affordable Housing Investment Fund loan.

The repayment was done in dramatic fashion, with representatives of the complex presenting the Arlington County Board with a check for $1.2 million on Tuesday.

The apartments, owned by the Views at Clarendon Corporation, opened more than 18 months ago and are currently at capacity, according to Views at Clarendon Chair Jerry Morris. Of the building’s 116 apartments, 70 are affordable units.

The project received a total of $13.1 million from the AHIF, according to Views at Clarendon spokeswoman Jill Norcross.

“We weren’t expecting to be able to return this much so early on in the project’s operations, but we ended up not needing the full loan and wanted to give it back so the county could recycle it for other projects,” she said in an email. “The county really supported us throughout the whole nine-year development process.”

The funds will go back into the AHIF, which draws funds from developers, loan repayments and allocations in the county’s annual budget. The AHIF has funded a majority of the county’s 6,500 affordable housing units.

“We are fortunate to live and work in a county that prioritizes affordable housing and we thank you for your partnership during the development of the vPoint Apartment community,” Morris said before the Board. “We wish you continued success in recycling AHIF in order to ensure Arlington has housing options for all of our residents.”