Glen Arbor Apartments

Glen Arbor Apartments is an existing 209-unit family apartment community located in Woodbridge, Virginia.  Formerly market rate, the project converted 100% of its units to affordable.  All units are now restricted to tenants with incomes at 60% of average median income (AMI) or below.  Utilizing HUD’s Section 223(f) refinance program, AGM obtained a HUD-insured mortgage of $31,755,000 with a 35-year term at a fixed interest rate.  Equity of approximately $10,218,729 was provided through the sale of 4% low-income housing tax credits (LIHTC).