Private Partnerships to Expand Workforce Housing
- To reduce the waiting lists for affordable housing by half in 10 years;
- To produce Workforce Housing sufficient to accommodate projected job growth.
Land Use Policy Incentives
- Fairfax County will rely on its land use policy, its regulatory authority, its taxing powers and its inventory of land to motivate and incent the private market to expand the supply of affordable workforce housing.
- Fairfax County should begin to reap the first benefits of the Workforce Housing Policy adopted by the Board in 2007 as the real estate market returns. To date, over 1,000 units of affordable workforce housing have been committed as a result of the policy and will be a tremendous resource when built. The first 24 of these units are expected to come on-line in FY 2011.
- The Board will give consideration to other creative land use policies which may encourage affordable workforce housing, including as part of the redevelopment of Tysons Corner, Wiehle Avenue, Lake Anne, Springfield and the Richmond Highway corridor.
County Surplus Land
- The Residences at the Government Center will be completed leveraging county-owned land as the fulcrum for privately developed affordable workforce housing, particularly focused on county employees. Additional sites will be explored.
Residential Studio Units
- The Board will expedite land use policies which encourage the development of affordable residential studio units.
Encouraging Private Landlords to Maintain Affordable Housing
- Private landlords will be encouraged to rehabilitate their non-subsidized, affordable rental properties, as a way to preserve their asset using low-cost financing provided through the county’s affordable housing investment fund and below-market financing available through the FCRHA. In return, landlords will be required to maintain the affordability of their properties for a period of years.
Down Payment Assistance and Linked Deposits
- Fairfax County is exploring “linked deposits” as a way to leverage affordable housing financing and similar benefits from financial institutions in which the county deposits its funds. Down payment and closing cost assistance may also be made available to county employees as a way to encourage them to live close to their jobs and in the community they serve.
First Time Homebuyers
- Assistance will be provided to income qualified first-time homebuyers in the form of affordable first-trust financing from the Virginia Housing Development Authority (VHDA). Fairfax County will also make “gap” financing, in the form of a second trust, available to first-time buyers via the Silver Lining/Home Equity Loan Program. Qualified buyers will also continue to have the opportunity to purchase Affordable Dwelling Units via the Fairfax County First-Time Homebuyers Program.
|Housing Those with the Greatest Need||Bridging Affordability||Strategic Housing Programs|