ARLINGTON, VA—AHC, a nonprofit affordable housing developer, is receiving a $16.5 million loan from the Arlington County Board to purchase Serrano Apartments at 5535 Columbia Pike, a 280-unit complex owned by Carmel Properties.

As a condition of the loan AHC has agreed that 196 of the units will become Committed Affordable Units, which means they will remain affordable for 60 years. At the moment current rents for 239 of Serrano's units are considered affordable, however as development continues on the Pike there is a high likelihood that might have changed under a different owner.

With AHC as the owner, 56 of the units will be affordable at 60% of area median income and 140 will be affordable at 80 percent of the area median income. Ten of the units will become supportive housing units for Department of Human Services clients, while the remaining 84 units will continue to be rented at market rates.

The apartment complex also has 39,500-square feet of vacant land fronting on Columbia Pike. Carmel Properties is seeking to subdivide the property, which would allow about 80 units to be built on the land.