Wholey Legacy Homes

Now Open – Schedule an appointment!

Wholey Legacy Homes is a new 12-story, 234 affordable community in Arlington, VA.

Since 2011, True Ground has owned the twelve 3-story buildings that comprise 134 affordable homes at Marbella Apartments. In September 2023, True Ground began redevelopment of 31 existing units into 234 apartments. The property is in Rosslyn, a transit-rich neighborhood in Arlington, offering convenient access to Rosslyn and Courthouse Metro stations, bus transit, retail, parks, and job opportunities. The community is named in honor of two of the organization’s founders, Joe and Midge Wholey.

Watch NBC4’s coverage of the grand opening:

Financing

The total project cost of Wholey Legacy Homes is approximately $136 million with construction costs close to $83 million. Virginia Housing is providing a total of $32.5 million in permanent loan financing, which includes $16.5 million in REACH funds. Arlington County’s Affordable Housing Investment Fund (AHIF) provided $21.8 million in financing. Capital One, a strong partner with True Ground, provided the construction loan and partnered with Hudson Housing Capital to purchase the tax credit equity. Additional funding sources include: $7.6 million in loans from Virginia Department of Housing and Community Development (DHCD), including $1.8 million from Virginia HTF (Housing Trust Fund); $4 million from Virginia HIEE (Housing Innovations in Energy Efficiency); and $1.8 million from NHTF (National Housing Trust Fund). Wholey Legacy Homes was awarded both 9% and 4% Low Income House Tax Credits (LIHTC), marking True Ground’s seventh project to employ this complex financing structure.

Construction partners include general contractor Donohoe, construction management KCM, civil engineer Walter Phillips, and architecture firm KGD.