Arlington\u2019s latest affordable housing apartment project has finished its final phase of construction, this one designed for adults 55 years old or older.<\/p>\n
Reserve at Mayfield<\/a>, with its 236 units of affordable housing, was developed using 4% tax credits, tax-exempt bonds and financing from a bank for acquisition and development, according to the Arlington Housing Finance Corporation.<\/p>\n With the construction complete, the city has approved permanent financing<\/a> with a lower rate than construction financing.<\/p>\n Mindy Cochran, the executive director of the Arlington HFC, said the complex is nice, new and not what many people may think of when they hear about affordable housing.<\/p>\n “HFC hasn’t done a ton of these types of projects,\u201d Cochran said. \u201cThis one is nice because it’s for seniors and we need affordable housing for seniors. It’s a nice location. They’ve got a community garden and lots of activities for seniors as well.\u201d<\/p>\n Pre-leasing started in 2023 but the project was completed this year, with the website already listing its one-bedroom and two-bedroom offerings at $998 and $1,189 a month, respectively.<\/p>\n Those prices are more affordable than most comparable apartments because of those tax credits and an exemption from regular property taxes, according to the Arlington HFC.<\/p>\n But anyone looking to lease an apartment there now will have to wait a while.<\/p>\n \u201cAs soon as individual buildings got a certificate of occupancy, they started leasing them,\u201d Cochran said. \u201cIt is fully leased now.\u201d<\/p>\n She emphasized that this project, while it involved oversight from city, state and federal agencies, was a local effort.<\/p>\n