ARLINGTON, Va. (WDVM) — The newly-renovated Queens Court affordable housing apartment complex held its ribbon-cutting ceremony on Tuesday.
The complex recently underwent a $107 million redevelopment project to create 249 brand new, affordable units.
The 12-story building is replacing 39 garden apartments that were built in 1940. The apartments are owned by the Arlington Partnership for Affordable Housing (APAH).
“How exciting to be standing here today with affordable housing, that makes an opportunity for people of less means to come live in this neighborhood,” said Nina Janopaul, President & CEO of APAH.
The project was partially funded by the Arlington County Board, which approved a $16.7 million dollar loan. Board member Matt de Ferranti says the complex allows an opportunity for families of color to be integrated back into the community.
“It is part of diversifying this neighborhood economically and racially and those are critical components of why I love this project,” said de Ferranti.
Virginia Sen. Mark Warner held a round table discussion with affordable housing experts before the ribbon-cutting, discussing proposed future legislation to continue affordable housing equity efforts.
“Obviously COVID has re-exposed racial disparities in our country, particularly something I have been concerned about for a long time is the wealth gap between white families and black families,” said Warner.
Larry Di Rita, Bank of America’s Greater D.C. Market President, says the Queens Court project is a promising first step in achieving that goal. The bank invested $43 million of equity into the project and provided a $26 million construction loan.
“Equity at its very core stems from, in part, affordable housing… It’s core to getting to all those outcomes,” said Di Rita.
Queens Court is a transit-oriented development, located within a quarter-mile of two metro stations and over 16 bus routes.
The complex is guaranteed to remain affordable for the next 75 years.