FOR
AFFORDABLE HOUSING Is “affordable” rent in Arlington truly affordable?
In fact, what we call affordable rent in Arlington is twice as much as what many low-wage earners can afford. * Let’s do our part to address this today! Many of us who are long-time Arlington homeowners have seen remarkable growth in our assets simply by virtue of years of annually increasing property values. Our renting neighbors who have worked for years in jobs that are the backbone of our community child care providers, health aides, home and office cleaners, food service employees, school bus drivers and others have not shared in this prosperity. They are struggling every day to make rent, often working multiple jobs. See two of our renting neighbors’ story here
Arlington has a huge mismatch in affordable housing supply and demand. To provide enough housing for Arlington’s lowwage earners will take changes in local policy, land use tools and investments of funding most importantly from government sources. Policy change takes years, but for those of us who personallyyearn to offer hope nowfor these neighbors, there is a tangible step that can be taken!
We invite to join us in “buying down” 60% area median income (AMI) rental units now to deeper affordability at 30% AMI rent Each project has an implicit rent that will allow the developers to recoup their costs, including repayment and interest on borrowed funds. This rent can be lowered by reducing the amount of money borrowed - similar to the way individual homeowners can reduce their mortgage costs by increasing their down payment. For a collective up-front investment of $227,000, we can make a 2-bedroom apartment home affordable to an extremely low-income household for three decades.
*Units with “affordable” rent assume tenants are earning at least 60% of the area median income (AMI).And yet, nearly 11,700 households earn less than 30% AMI.The rent in the “affordable” units is twice what they can afford. There arefewerthan1,600rentalunits inArlingtontrulyaffordablefor these11,700households.
LET’S BUY DOWN OUR FIRST UNIT BY DECEMBER 31,2024!
This graph shows how much income is freed up for this household for other necessary expenses when they are paying rent set to their income level
This means the your child care provider, the health aid caring for your family member, or the school bus driver will have some extra breathing room to meet their daily expenses, manage emergencies, and provide opportunities for their own children. We know reducing financial stress and increasing housing stability significantly improves their physical and mental health and brings them more hope and a sense of belonging to our community.
Building an inclusive Arlington - one that provides appropriate, affordable housing for the people who are the backbone of our community - is a collective responsibility. Policy changes are underway, but it will take many years of sustained focus to meet the need at scale.
This concept has been tested successfully. A contribution from Amazon allowed Arlington Community Foundation to partner with local affordable housing developers to test the feasibility of using an up-front subsidy to buy down 20 units initially financed at 60% affordability to long term affordability at 30% AMI.
The results are striking: buying down to deeper affordability up front is 50% more cost effective than subsidizing rents with housing grants year after year.
Please join us in investing TODAY to make a difference in Arlington’s next chapter as a caring community. Your gifts will demonstrate to our neighbors that you value and welcome them in our community.
THANKS
TO JEANNE BROYHILL AND DIANE SMITH, ALL CONTRIBUTIONS COMING IN BY DECEMBER 31 WILL BE MATCHED
Your tax-deductible donations will go into a field of interest fund created by the Arlington Community Foundation in honor of Anne Vor der Bruegge’s retirement to support her vision that we can share our good fortune and do our part to ensure that our low-income neighbors belong here. 100% of the funds will be used to buy down the rent from 60% AMI rent levels to affordability for 30% AMI households. The apartments are owned by AHC, Inc, a well-known nonprofit housing developer with deep roots in Arlington
SUGGESTED GIVING LEVELS
Laying the Foundation: $5,000
Creating the Structure: $10,000
Assembling the Stairs: $25,000
Framing the Walls: $50,000
Raising the Roof: $100,000
Home Sweet Home--A deeply affordable 2 bedroom: $227,000
Essential Building Blocks: Any contribution you are personally able to help make a long-term affordable home available for our low-income neighbors
You can donate by clicking here. Thank you!!