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Apartment Development Approval Deferred

By WTOP Staff

Rendering of the future Pierce Queen ApartmentsApproval for a high rise development in the Ft. Myer Heights neighborhood has been put on hold until the County Board receives more information about the plan.

Bozzuto Development Company had submitted a proposal for a large scale project in the 1600 block of N. 16th Street. It would involve redeveloping the five buildings that make up Pierce Queen Apartments; three of the buildings would be razed and replaced with a new 12-story apartment tower, and the other two buildings would be preserved and renovated. In total, the buildings would house more than 190 units.

The county’s Site Plan Review Committee raised several issues with the proposal during a January meeting. Problem areas included the proposed building bulk, lack of open space, above-grade parking, proposed locations of electrical switchboxes and the lack of a public art contribution. Additionally, concerns arose regarding the applicant’s request for Affordable Housing Investment Funds (AHIF) for the 76 affordable units and the anticipated request for competitive Low Income Housing Tax Credits from the Virginia Housing Development Authority (VHDA).

Earlier this month, the developer submitted a revised proposal that addressed a number of the issues. The developer has agreed to measures such as installing public art, eliminating above-grade parking and re-designing an interior courtyard. However, the AHIF concerns remain a sticking point.

The staff report says the developer didn’t propose a potential Tenant Assistance Fund and no affordability commitment period had been submitted. Staff also reported that no official AHIF application had been received, but the developer is seeking a county investment ranging from $6 million to $9.5 million. The developer had presented a plan indicating each market unit would cost $365,000 to develop and the affordable units would each cost $455,000 to develop. That exceeds the VHDA development cost limit of $350,000 per unit, although sometimes exceptions can be made. Concerns also exist in the way the developer plans to repay the AHIF and the time frame for doing so.

Existing Pierce Queen ApartmentsCounty staff recommended deferring the issue until May but the Board voted unanimously to defer until March 11. That date was chosen in an attempt to approve the plan before the March 15 tax credit application deadline. Board members mentioned the unusual circumstances, but stressed that there’s no guarantee the plan would receive approval in time. The applicant still must prove that all contingencies have been adequately met.

“If this is going to work it’s going to have to be all hands on deck working really hard,” said Board member Jay Fisette. “I hope we can get there.”

Although there’s a push to get the proposal handled quickly, Board member Mary Hynes highlighted the need to still be thorough. Because the process has been so rushed to meet the deadline, she said everyone from Board members to county staff working on the matter are still fuzzy on how the specifics will work out. Board members aren’t interested in moving forward, regardless of tax credit deadlines, if the plan isn’t solid.

“We don’t have a clear understanding of how all the bits and pieces are going to fit together. It’s important for us on the Board that our staff is confident,” said Hynes. “Doing affordable housing in new construction is expensive. And doing it on the Metro is even more expensive. We have to do a lot of due diligence around this to make sure the taxpayers are getting the best value for their dollars. I think we need to give this enough time to be sure.”

Don’t Settle for Student Loans to Pay for Online Education

By WTOP Staff
Online college programs are becoming a more popular choice for prospective students, with one study finding that more than 6 million students enrolled in at least one online course in fall 2015. The popularity of these courses can be attributed in part to their flexibility with working adults' schedules, students' ability to progress more quickly through online programs and, oftentimes, cheaper tuition. [See 10 low-cost online bachelor's programs for out-of-state students.]Online degrees can be beneficial to many college students, but some studies have shown online learners complete their programs at lower rates than students at traditional brick-and-mortar campuses. Individuals with student loans but no degree comprise two-thirds of defaulted borrowers. Though these numbers are not encouraging, just like for traditional programs, there are ways to reduce how much you'll need to borrow for an online program to ensure you won't become one of these statistics. Don't just settle on borrowing student loans to cover the whole cost of your program and living expenses. Instead, start thinking about how to cut costs and cover your balance in different ways, such as the following. -- Grants and scholarships: Even though you are taking an online course, you can still apply and receive grants and scholarships. But your first step should be to complete the Free Application for Federal Student Aid, commonly referred to as the FAFSA, which will allow you to receive a Pell Grant if your expected family contribution is low enough. The EFC criteria and award amounts are adjusted annually, but the 2017-2018 academic year awards range from $606 to $5,920, which could significantly lower the amount you borrow annually. Your next step is to apply for scholarships. You can start by checking online scholarship search engines, such as the Salt Scholarship Search, College Board's BigFuture and Peterson's. But don't forget to take advantage of local organizations and your school's financial aid office. Both may offer scholarships that you can't find with a national scholarship search. [Review these 10 sites to kick off your scholarship search.]For instance, organizations like the Elks Club, Knights of Columbus or the Rotary Club typically offer scholarships annually to local students. Just because you're going to school online doesn't mean you're ineligible. Visit your local library for scholarship listings, and ask around town. You might be surprised how many local organizations offer scholarships. While these scholarships typically aren't large, every little bit counts. Each dollar you receive in a scholarship is a dollar you don't have to borrow and pay interest on. -- Work-study: Another option for online students may be work-study awards. Not all students enrolled in online programs are eligible, but students at some schools -- including, for example, SUNY Empire State College and Liberty University -- are. Work-study awards are not given upfront like scholarships and grants. In most cases, they are an offer to earn up to the awarded amount if you secure an eligible work-study job. While there is a misconception that all work-study jobs must be on campus, students can work for off-campus, nonprofit or public employers as long as the work is in the public's interest. You may be able to work for a for-profit employer if the job is relevant to your course of study. No matter who the outside employer is, it will need to have an established agreement with your college for you to receive work-study funds. Remember, to be eligible for federal financial aid, you must be enrolled and pursuing a degree or certificate. If you're not working toward a credential, Pell Grants and work-study won't be option, but you may still be able to take advantage of private scholarships -- just be sure to read the eligibility criteria carefully. [Explore what to know about financial aid in online programs.]-- Pay as you go: One of the great benefits to enrolling online is the flexible schedule, which can allow you to complete your college coursework around your responsibilities. But prospective students often overlook using their part- or full-time job earnings as an option for paying for college. Almost 80 percent of college students in 2015 worked at least part time while attending classes, according to the National Center for Education Statistics. By budgeting and thinking strategically about your college costs, you can likely reduce your dependence on student loans by paying a portion out of pocket. Many -- but not all -- online programs are less expensive than traditional programs and often have shorter payment periods. Six, eight or 10 weeks are common course durations. Because of the frequency of payments in an online setting, you may be well-placed to pay as you go and possibly avoid borrowing altogether. Attending college online and avoiding student loans may be challenging, but if you are willing to put in the effort, you can limit the amount you need to borrow. More from U.S. News Q&A: Understanding Student Loan Discharge Eligibility Student Loan Refinancing Isn't Right for All Borrowers
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