91 Affordable Homes Could Replace 28 on Elbert Avenue. Here’s the $4 Million Proposal
Alexandria weighs a 30-year tax break to help build 91 affordable apartments in Arlandria-Chirilagua.
Community Lodgings wants to replace 28 apartments on Elbert Avenue with 91 income-restricted homes. To close the remaining funding gap, Alexandria staff is proposing a partial property-tax exemption estimated at about $4 million over 30 years.
The proposal goes to City Council for a first reading November 10. Staff recommends a public hearing and final consideration November 14. The exemption has not been approved.
What the city would give up
The draft term sheet would preserve the existing tax base at 3910 Elbert Avenue. It would exempt 100% of the increase in assessed value attributable to new construction for the first 15 years and 60% for the next 15. Staff puts the present value of the exemption at roughly $2.3 million, separate from the city’s previously approved $3.475 million loan.
What it would mean for residents
The draft calls for 91 apartments for households at or below 60% of area median income, including 73 two- and three-bedroom homes. Staff’s presentation says existing tenants would have priority to return. The next questions for families are where they would live during construction, what relocation help would be available and how returning tenants would qualify.
