County officials had feared the apartment--one of the last remaining large-size affordable housing complexes in Arlington--would be snapped up by developers who would convert it into a high-end property. In an effort to avoid losing such a great chunk of low- and moderate-income housing, the County approved a $500,000 allocation to assist AHC with the purchase.

Fannie Mae also played a great role in helping to finance the acquisition. "With its desirable urban location, the Gates of Arlington was a prime candidate for purchase and redevelopment into high-cost apartments, which would displace hundreds of families--many of whom are newcomers to this country," AHC president Walter D. Webdale notes.

Now that Gates of Arlington is in its portfolio, AHC has plans to conduct a massive rehabilitation of the apartment complex. The property was constructed sometime between 1938 and 1942 and while it is in reasonable living condition, it is need of a significant amount of upgrades.

"Decent housing that is affordable to working families provides a foundation for the long-term, sustainable economic health of our region," says Fannie Mae Northern Virginia Partnership Office director David Jeffers. "In Northern Virginia--where housing costs are among the highest in the nation--affordable rental housing that is close to jobs and transportation only strengthens our local economy, protects our environment and improves the quality of life for everyone."