"Arlington lost about 4,000 affordable-housing units between 2000 and 2002, and no new housing has been built in this neighborhood in the past decade," Silverwood president Mark Silverwood explains. "This new public-private partnership will increase Arlington's affordable-housing stock and create new home-ownership opportunities while beautifying and rehabilitating one of the most dilapidated communities in the area." Construction is on target to begin this fall.

Situated off the Columbia Pike at 815 Greenbrier St., Columbia Heights currently offers 152 rental units spread out over seven low-rise structures. Once the remodeling endeavor comes to an end, the multifamily complex will consist of 109 low-income apartment units constructed in five of the seven original buildings.

The two remaining structures will be demolished to make room for a new four-story building that will contain 96 condominiums for purchase. Designed by Vienna, VA's Lessard Architectural Group, the condominium portion of the project will also have several affordable dwelling units set aside, a move that was by no means required by law.

Financing for the project has been culled from a handful of different sources. A loan of $3.2 million from the Arlington County Affordable Housing Investment Fund was applied to the purchase of the property, as were acquisition funds from Wachovia Bank. Arlington County, the Virginia Housing Development Authority, Boston Capital, and Silverwood contributed to the $7 million amassed for rehabilitation of the complex.

Upon completion of the project--which will be renamed in honor of recently deceased Arlington County Board chairman and adherent promoter of affordable housing Charles Monroe--Silverwood will serve as both property owner and manager. The first apartments will be available for rent in February of next year, and condominium sales will kick off next summer.