3426 Buckman Road
Alexandria, VA
Threatened with being transformed into market rate housing in affluent Fairfax County, the Buckman Road Apartments were acquired by CPDC under the Low-Income Housing Preservation and Resident Homeownership Act of 1990 (LIHPRHA) in 1996. LIHPRHA was enacted to preserve affordable housing built 20 or more years earlier under several US Department of Housing and Urban Development (HUD) programs. As a seasoned non-profit developer, CPDC was designated a Priority Purchaser and was able to invest in apartment communities that were vulnerable to conversion to market-rate rental and condominium housing.
CPDC formed a subsidiary non-profit to acquire and operate the property. The new non-profit assumed the HUD-insured first mortgage and received a capital grant from HUD to pay transaction costs, minor modifications needed to bring the property into compliance with Section 504, and to fund future repairs.
 At Buckman Road, CPDC has replicated the community program model first developed at Edgewood Terrace. The property houses a nearly 1,700 square foot Computer Learning Center, developed by CPDC to provide academic and vocational skill assessments, homework assistance, academic and tutorial instruction, job training, career counseling, and job placement assistance.
Click here to view additional photos of this CPDC project. |
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OWNER/DEVELOPER/SPONSOR
Buckman Road Preservation Corporation
CPDC
FUNDERS: TYPE:
VHDA FHA Sec. 236 Loan
HUD LIHPRHA Capital Grant
Section 8
DEVELOPMENT TYPE:
Acquisition
RESIDENTIAL PROFILE:
Low-income, multifamily
DENSITY: 204 units / 10.3 acres
DEVELOPMENT PROFILE
Type #/Units
1 BR / 48
2 BR / 108
3 BR / 48
AMENITIES
Community Laundry, Community Activity Rooms, Adult & Youth Programs, Recreation Area for Children
CONSTRUCTION TYPE
Garden Apartments
DEVELOPMENT COSTS
$7.6 Million |
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