On Tuesday, April 13, the Fairfax County Board of Supervisors authorized the issuance of tax-exempt multifamily housing revenue bonds by the Fairfax County Redevelopment and Housing Authority (FCRHA) in an amount not to exceed $20 million to help finance the development of 120 senior independent living apartments. The units, part of the One University development in the Braddock District, will benefit older adults aged 62 and up whose combined household income is no more than 60 percent of the Area Median Income (AMI). “Tax-Exempt Revenue Bonds” A debt investment in which bond holders/purchasers (private individuals, commercial banks, etc.) loan money to the FCRHA for a specified purpose. Revenue bonds are supported by the revenue generated from the property. The bonds are “tax-exempt” because they are not subject to federal, and in some cases, state and local income taxes. These bonds are different from the “General Obligation” bonds issued by the County which require approval of voters through a ballot referendum. “With this action, this Board is maintaining an unprecedented pace in advancing affordable housing opportunities to support our vulnerable neighbors,” said Board of Supervisors Chairman Jeff McKay. “The project at One University demonstrates our commitment to innovative design and creative financing to provide housing options for seniors, families, and students in the heart of Fairfax County,” added Braddock District Supervisor James Walkinshaw. The One University development refers to a 10-acre property located adjacent to the campus of George Mason University in Fairfax. The property is owned by the FCRHA and currently includes 46 affordable townhomes and office space for the FCRHA. The proposed development – effected under the Public-Private Education Facilities and Infrastructure Act of 2002 – will quintuple the number of affordable homes available on the site for households with incomes at 60 percent of AMI. The development will include 120 units of senior independent living as well as 120 multifamily units. “The FCRHA is committed to using all resources at our disposal to ensure that our most vulnerable neighbors have access to the dignity, security, and stability that comes when they are able to live in a home that they can afford,” said FCRHA Chairman Melissa McKenna. “With the investment of public land, local housing dollars, and the issuance of these revenue bonds, One University is another excellent example of our use of a healthy mix of local resources to move these developments from concept to reality in areas of opportunity all throughout Fairfax County.” The One University project is expected to close on financing in the Summer of 2021. Revenue Bonds and Affordable Housing Tax-exempt bond financing has long been a valuable financing mechanism to support the acquisition, new construction and/or rehabilitation of affordable housing developments by helping developers obtain below-market interest rate mortgages. FCRHA revenue bonds have been successfully used in a number of recent affordable housing endeavors, including: The Ovation at Arrowbrook (274 units multifamily rental housing with a range of affordability from 30 to 60 percent AMI) The renovation of the Murraygate Apartments (200 units of multifamily rental housing all available to households earning 60 percent AMI or less) The Residences at Government Center (270 units of multifamily rental housing affordable to households earning 60 percent AMI or less)  

On April 13, 2021, the Fairfax County Board of Supervisors approved a $3 million Housing Blueprint loan to finance the acquisition of new affordable housing near Fort Belvoir in the Mount Vernon District. The action ratifies the authorization for the loan granted by the Fairfax County Redevelopment and Housing Authority (FCRHA) at its March 18 meeting. Funds will be used to support the acquisition and renovation of existing “market affordable” housing at The Landings II Fort Belvoir and its transition to becoming “committed affordable” to households earning no more than 60 percent of the Area Median Income (AMI). “The Richmond Highway corridor is a growing center of opportunity, and affordable housing is a fundamental cornerstone to achieving our communitywide vision,” said Mt. Vernon Supervisor Dan Storck. “We want to be sure that our housing opportunities enable our middle- and low-income workers to do more than just ‘make a living’ in the Mount Vernon District – we want them to be able to make a home here as well.” The Landings II Fort Belvoir Apartments consists of 76 housing units originally constructed in 1964. The property was purchased in February 2021 by AHC, Inc., a not-for-profit, Community-based Housing Development Organization with a two-phased plan to include the rehabilitation and transition to committed affordability over a period of five years, followed by substantial renovations in approximately 10 years to secure long-term affordability through the possible use of low-income housing tax credits. The initial rehabilitation of the nearly 60-year-old property at Landings II will include repairs and upgrades including sidewalk repair, tree trimming, storm drain work, construction of a new entrance sign, structural repairs, windowpane work, replacing certain gas furnaces and water heaters and other work within the units. These initial repairs are expected to be completed within the first year of acquisition. “AHC has been an excellent partner with us in aggressively pursuing affordable housing in this area,” said FCRHA Chair Melissa McKenna. “The Landings II joins the Landings I Mt. Vernon Apartments which were also acquired by AHC to rehabilitate and transition current market affordable housing to being affordable to low- and moderate-income households. Altogether, this will bring a total of 292 units of affordable housing to the Mount Vernon District – which is just extraordinary.” Both Landings I and Landings II Apartments will implement a phased conversion to committed affordable housing through natural attrition. This means that as tenant households move out of the property, they will be replaced by residents that meet the new affordability criteria at 60 percent AMI. Any households currently residing at the property who meet the affordability criteria will be eligible to remain in place. See Also: AHC Inc. Partners with Virginia Housing and Fairfax County to Preserve 292 Affordable Homes