Monday, April 14, 2014
Latest AHIF-AHC Pike 'Affordable Housing' Purchase - A Huge Charade
Maybe you saw the discussion at Saturday's County Board meeting, followed by the County Board's (with the exception of John Vihstadt) vote to approve Arlington Housing Corporation's purchase of the Serrano Apartments on Columbia Pike. Maybe you read Post reporter Patricia Sullivan's report in Sunday's Post about the purchase. Maybe you saw local residents who attended the County Board meeting voice their opposition to more affordable housing in the Columbia Pike corridor. What a charade.
But you can see for yourself by doing a Web search on 'Serrano Apartments Arlington'. Then read the staff report for Agenda Item 35 on the County's Web site arlingtonva.us.
The Serrano Apartments 'affordable housing'? Affordable for whom? Entry-level CIA employees. Recent law school graduates. Creative Class Yupsters who've been living in a townhouse with three roommates and just received a big promotion.
Turns out that, of the 280 well-maintained and recently modernized units at the Serrano, exactly 28 are affordable to persons who earn 60% of Area Median Income as defined by HUD ($107,000 in 2014). So 60% of $107,000 is $64,200. The rest of the 'affordable' units, there are 196, will be rented to persons earning 80% of AMI or. $85,600 per year. The other 56 units will be rented at market rate. How much do you have to earn per week if you are employed full-time to earn $64,200 and $85,600? About $1,235 and about $1,646.
How much does someone earning $10 and employed in one of the restaurants or retail shops in a mixed-use redevelopment approved by the County Board in recent years? About $20,800 per year, or $400 per week.
It gets worse. Limo Liberals from VOICE didn't bother to complain, much less attend Saturday's County Board meeting. 'Affordable Housing' in Arlington is a huge charade, and many different organizations get to play leading roles.
Pike Rider 22204