1. Key Boulevard Apartments A Transit-Oriented Redevelopment of Affordable Housing March 23, 2010 1545 Key Boulevard Arlington, Virginia

2. 2 AHC Inc.’s Corporate Philosophy/Purpose Produce & sustain the supply of high-quality rental and owner-occupied housing for lower- and moderate- income families. Advocate for the availability of affordable housing. Ensure that AHC’s properties enhance the quality of life in the neighborhoods we serve. Key Boulevard Redevelopment Presentation

3. Key Boulevard Property 1545 Key Boulevard Constructed in 1942 41 units in 3 buildings Lot size = 1.24 acres AHC acquired in 1982 Key Boulevard Redevelopment Presentation 3

4. Current Property Condition Property built in 1942 (68 years old) Building systems past useful lives (heat, water, etc.) and becoming problematic Inefficient doors, windows & appliances Handicap/Accessibility issues Key Boulevard Redevelopment Presentation 4

5. Rationale Behind Redevelopment Existing property requires major capital investment; refinance Proximity to D.C. Walking distance to shops, services & employment Five blocks from Rosslyn Metro Station Key Boulevard Redevelopment Presentation 5

6. The New Key Boulevard Apartments Building Proposal – 8 stories (with top 2 stories set back) – 225 total units ( 130 Condos; 95 Affordable Rental Units) – Other amenities Underground Parking Community Center On-Site Management Office Landscaped Courtyard Secure Access Modern efficient appliances and Green technologies/systems Handicap Accessibility Key Boulevard Redevelopment Presentation 6

7. Aerial View Key Boulevard Redevelopment Presentation7

8. Floor Plans - Garage and 1 st Floor Key Boulevard Redevelopment Presentation8

9. Floor Plans - 2 nd – 6 th Floors Key Boulevard Redevelopment Presentation9

10. Floor Plans - 7 th & 8 th Floors Key Boulevard Redevelopment Presentation10

11. Building Perspectives Key Boulevard Redevelopment Presentation11

12. Unit Breakdown Condominium Units – 130 Units Total  1 BR - 63 Units  1 BR w/ Den - 18 Units  2 BR – 49 Units Affordable Rental Units – 95 Units Total  1 BR – 28 Units  2 BR – 58 Units  3 BR – 9 Units Key Boulevard Redevelopment Presentation12

13. Neighborhood Building Heights Key Boulevard Redevelopment Presentation 13

14. Garden Right of Way Concept Key Boulevard Redevelopment Presentation14

15. Garden Right of Way Concept Key Boulevard Redevelopment Presentation15

16. Preliminary Development Schedule Public Meetings: Nov. ‘09 to March ‘10 County Site Plan process: May ‘10 – Dec. ‘10 9% Tax Credit Application: March ‘11 – June ‘11 Construction plans & permits: March ‘11 – Dec. ‘11 Construction: January ’12-January ‘14 Begin leasing and selling units Key Boulevard Redevelopment Presentation 16

17. Outreach Arlington County Board Members Ken Aughenbaugh (Arlington Co. Housing) Bob Brosnan (Arlington Co. Planning) North Rosslyn Civic Association Rosslyn Mews Townhomes Homeowner’s Association VOICE Alliance for Housing Solutions Rosslyn Renaissance/Rosslyn BID Neighbors – David Briggs, Roa Lynn & Ed Berenbaum Key Boulevard Redevelopment Presentation17

18. Project Benefits No change to the General Land Use Plan required Creation of a Special Housing Protection District No rezoning required – Existing zoning + transferred rights + additional density for affordable housing No Affordable Housing Investment Funds required – Condominium sales will fund financing gap Key Boulevard Redevelopment Presentation18

19. Successful AHC Projects The Frederick & The Park – 2230 N. Fairfax Drive – Utilized unused land to create 108 affordable apartments & 98 condominiums – 9-story mixed-income Key Boulevard Redevelopment Presentation 19

20. Successful Projects Bush Construction, Development Partner & General Contractor Station Square – 1205 N. Garfield Street – 309 Condo Units – 10-stories, 100% market- rate – Commercial Space Key Boulevard Redevelopment Presentation20

21. Conclusion/Summary Existing Key Boulevard property needs to be rebuilt due to aging; need to refinance Unique opportunity to replace old units Ability to add transit-oriented units Opportunity to more than double affordable units by including market-rate condos Key Boulevard Redevelopment Presentation 21

22. Contact Information Joseph Weatherly Senior Project Manager AHC Inc. 2230 N. Fairfax Drive Suite 100 Arlington, VA 22201 www.ahcinc.org (703) 486-0626 Key Boulevard Redevelopment Presentation22