Financing and Affordability Plan
Property Acquisition
The Barcroft Apartments property was placed on the market in fall 2021. At the time, Barcroft was the largest market-rate affordable housing community in Arlington. It was at risk of being sold to developers who would demolish the existing units and build by-right, luxury for-sale homes or market-rate rental units. Following a highly competitive selection process, the previous owner of Barcroft Apartments selected Jair Lynch Real Estate Partners to purchase the property, and Jair Lynch expressed interest in preserving affordability at the site.
After working with Jair Lynch and Amazon, the County Board approved a $150 million loan from the County Acquisition Fund to support Jair Lynch’s purchase. In addition, the Amazon Housing Equity Fund provided Jair Lynch an approximately $160 million loan. The acquisition was executed in December 2021. All 1,335 units were committed to 99 years of affordability, which exceeds all other affordability periods in the County affordable housing portfolio.
Master Financing and Development Plan
In October 2022, Jair Lynch submitted a Master Financing and Development Plan (MFDP), as required by the 2021 Arlington County Loan Agreement. The 2022 MFDP described how Barcroft Apartments would be renovated and/or developed in the long term and included options to build more affordable housing, deepen existing affordability at the property, and pursue other community goals. It is anticipated that no additional County funds will be requested for the renovations or redevelopment.
The MFDP represented months of engagement with Barcroft residents as well as Jair Lynch’s effort to elevate the Columbia Pike corridor while preserving and protecting the largest collection of affordable housing in Arlington County. Jair Lynch and the County also engaged with the broader Arlington community. County staff and commissions reviewed the financing components of the MFDP and began review of its land use components in 2024. In June 2024, Jair Lynch submitted a revised version of the MFDP for review by County commissions and the County Boad.
Concurrently with the review of the MFDP, Jair Lynch submitted use permit applications to preserve and renovate buildings in the portion of the property located south of George Mason Drive along South Four Mile Run Drive. The permits were approved in 2023. Jair Lynch can thus begin to deliver renovated, upgraded homes for existing Barcroft residents while Arlington County staff and Jair Lynch continue to work on long-term planning and recommendations. Reviews and permitting for renovations and redevelopment will continue over the course of several years.
MFDP Presentation Past Meetings
Materials and information from Jair Lynch's presentations of their MFDP appear below.
MFDP Financing Components Past Meetings
Commission and public meetings that focused on the financing and development of affordable housing at Barcroft appear below.
Affordable Housing Financing Plan
In December 2023, the Arlington County Board approved the Barcroft Apartments Program Wide Affordable Housing Financing Plan and associated documents. This sitewide affordability and financing plan ensures rent stabilization for current Barcroft residents, guarantees at least 134 units for the County’s lowest-income residents, and identifies how the County’s 2021 loan will be refinanced as the Barcroft Apartments site is renovated and redeveloped.
As part of the affordability and financing plan, Jair Lynch will provide at least 134 units for households earning a maximum of 30% of AMI ($45,210 for a family of four), which is the largest single commitment to units at that affordability level in the County. The County and Jair Lynch will continue to explore opportunities to expand on that commitment as they review land use tools with the community in 2024.
Jair Lynch also committed to rent stabilization for current Barcroft residents, with rent increases capped at 3 percent annually and rents not to exceed 60% AMI rent levels, even after units are renovated or redeveloped. In addition to renovating and redeveloping existing units, Jair Lynch wants to build new market-rate residential units on the site to create a vibrant mixed-income community.