Page 43 - Arlington - LIHTC Review Procedures 2017 - Gibbins Rd. 7.12.17

2.a. Evidence of consistency with the Comprehensive Plan.
Grow our Businesses
1. Elevate Arlington’s competitive positioning in the region to capture a larger share of high-wage high-impact growth.
OPG conducted an in-house market/comp study of the current senior living environment in Arlington. The results of that study, while proprietary, were definitively positive from the standpoint of demand. Our research involved interviews with managers at seven senior care and independent living communities throughout the city. We also conducted secret-shopper visits to these communities. The results of this study show that Arlington has a severe shortage of quality senior housing.
Market rate rents for Arlington begin at over $1,300/month and that is for an efficiency unit. Many properties reported extensive waiting lists with demand increasing annually.
There are virtually NO senior living options for people making less than 60% of AMI. These citizens are left with multifamily apartments and or remaining in houses that they can no longer maintain.
Arlington is falling critically behind in the senior living market. When this happens, young caregivers of these seniors, typically the sons and daughters, may choose to move their parents to other communities where they can be closer to home.
While most of our residents will be retired an not directly contributing to the workforce, the will impact many economic factors within Arlington. Provide the option for citizens to Age-in-Arlington is critical to retaining and attracting families in the future.