Arlington County Board approves Affordability and Financing Plan

The Arlington County Board approved a sitewide affordability and financing plan for Barcroft Apartments on December 16, 2023, by a unanimous vote that not only ensures rent stabilization for current Barcroft residents but protects the county’s largest community of naturally occurring affordable housing and guarantees the preservation of 134 homes for the county’s lowest income residents.

This plan is part of the redevelopment process for the 60-acre Barcroft apartments acquired by Jair Lynch in December 2021, with assistance from the County and the Amazon Housing Equity Fund. The original deal preserved 1,335 homes for residents making up to 60 percent AMI. The recently approved financing plan goes a step further, committing 134 of those homes for residents earning 30 percent or less of the AMI.

“The successful approval of the affordability and financing plan means we have the tools in place to execute on our commitment to the community to keep Barcroft Apartments affordable and even deepen that affordability. With this financing plan in place we look forward to engaging with our residents and the broader Arlington community on furthering the vision for Columbia Pike,” said David Hilde, Vice President of Development for Jair Lynch Real Estate Partners.

You can read the Arlington County press release about the December approval here. Next steps in the development process will be shared when they are available.