Arlington’s latest affordable housing apartment project has finished its final phase of construction, this one designed for adults 55 years old or older.
Reserve at Mayfield, 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.
With the construction complete, the city has approved permanent financing with a lower rate than construction financing.
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.
"HFC hasn't done a ton of these types of projects,” Cochran said. “This 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.”
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.
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.
But anyone looking to lease an apartment there now will have to wait a while.
“As soon as individual buildings got a certificate of occupancy, they started leasing them,” Cochran said. “It is fully leased now.”
She emphasized that this project, while it involved oversight from city, state and federal agencies, was a local effort.
People worried about traveling housing finance corporations like those that have bought property in Arlington should keep in mind that the apartments were constructed with approval from the city council, Cochran told KERA News.
"A lot of people have a perception of what affordable housing looks like and I would encourage people to go out and look at this housing development,” Cochran said. “If I was in the income bracket, that's some place I could live and I'd be happy to live there. It's a beautiful development.”
Got a tip? Email James Hartley at jhartley@kera.org or follow James on X @ByJamesHartley.
KERA News is made possible through the generosity of our members. If you find this reporting valuable, consider making a tax-deductible gift today. Thank you.
