On April 22, the Arlington County Board adopted its FY2024 budget which includes over $83 million for various housing programs. AHS was pleased to see a wide range of programs supporting at-risk households and insuring safe and decent housing. Advocates also saw an increase in AHIF funding, but not at a level needed to meet the demand for Committed Affordable Units (CAFs).
The FY2024 budget includes the following:
$14.4 million for the County’s Housing Grant program
$5.4 million for the Permanent Supportive Housing program
$4.6 million for Eviction Prevention
$20.5 million for the Affordable Housing Investment Fund (AHIF), by including $5.2 million from the Columbia Pike Tax Increment Financing (TIF) District
$150,000 reinstated to continue CAF Inspections for 2024
NOTE: While the figure of $20.5 million for AHIF is higher than in the draft budget, it does include the $5.2 million being extracted from the Columbia Pike TIF. That $5.2 million TIF funding is being used to help pay the debt service on the County's Barcroft Apartments loan. Therefore, net figure of AHIF funds available for affordable housing development/preservation for the coming year is actually $15.3 million, which is $5.6 million higher than the initial $9.7 million proposed in the draft budget. While this can be counted as a win, it could also be seen as a small victory given that between $40 million and $50 million is actually needed per year to reach our County's 2040 goals for CAFs.