[Archived] News Release - Diamond Properties Donates $1 Million to the City of Alexandria’s Housing Trust Fund

City Press Release


	For Immediate Release	For More Information, Contact
	September 20, 2007 PIO# 233-07	Jennifer Harris, Communications Officer, at 703.838.4300

Diamond Properties Donates $1 Million to the
City of Alexandria’s Housing Trust Fund

Diamond Properties, the developer of the Monarch Condominium, has made a contribution of $1 million to the City of Alexandria's Housing Trust Fund. The Monarch is a mixed-use development located at 501 N. Henry St., at the site formerly known as the Hennage Property. The Monarch will feature 168 residential condominiums, ground floor retail space that provides a vibrant streetscape, a half-acre of open space designated for a park, and a Metro-accessible housing location.

The Housing Trust Fund, which is solely financed by developer contributions, provides a critical resource for the City’s preservation and expansion of affordable housing stock.

"Developer contributions to the Housing Trust Fund are extremely valuable in providing a flexible resource to make affordable housing available to Alexandria residents and workers," said Alexandria Mayor William D. Euille. The Fund has been used to assist nonprofit agencies in acquiring and preserving affordable rental housing, to provide counseling and purchase assistance to moderate income first-time homebuyers, and to assist formerly homeless families by providing transitional housing.

For more information, please call the Office of Housing at 703.838.4990, or visit www.alexandriava.gov.

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