Culpepper Garden I (CGI), an eight-story apartment community in Arlington, VA, is the winner of the Novogradac Journal of Tax Credits Development of Distinction Award for the preservation of existing affordable rental housing.
The awards go to participants who strive for excellence in affordable housing, with properties financed by low-income housing tax credit (LIHTC) equity or with U.S. Department of Housing and Urban Development (HUD) funding.
CGI had its first substantial renovation since it was built in 1975, as nonprofit owner Arlington Retirement Housing Corporation paired with developer Wesley Housing. The upgrade included the replacement of major mechanical, electrical, and plumbing systems; an upgrade to interior finishes; new energy-efficient windows; repair of the skin on exterior walls; and six new apartments.
“We continue to be impressed with how affordable housing developers find ways to creatively meet the needs in their communities,” said Michael J. Novogradac, managing partner of national accounting and consulting enterprise Novogradac. “This year’s Development of Distinction Award winners provide great examples of how an important tax incentive, combined with motivated developers, can benefit people in need.”
The winners will be honored at the Novogradac 2021 Credit and Bond Conference, Sept. 30- Oct.1 in Nashville.