Housing Headlines
February 10, 2020
The Virginia Housing Development Authority (VHDA) has awarded $800,000 in REACH Virginia (Resources Enabling Affordable Community Housing in Virginia) grant funding to a 126-unit housing development located a stone’s throw from Huntington Metro – the Arden.
About the Project
The Arden – a project of Wesley Housing Development Corporation – is designed to be a two-building development with 126 units of housing and a small retail and office space. The mixed-use community will consist of studio, one, two and three-bedroom units to include eight accessible units for disabled residents.
Of the 126 units, 85 will be targeted for households earning 60% of the Area Median Income (AMI); 32 units for households at 50% AMI; and 8 units for households at 40% AMI. Additionally, a portion of the units will be marketed towards the elderly, formerly homeless individuals, and individuals with mental and/or physical disabilities.
About the Funding
REACH Virginia is a multifaceted resource that VHDA uses to support vital housing initiatives through their Homeownership, Rental and Community Outreach programs, including:
Affordable housing for lower-income households, the homeless and residents of high growth and/or high cost regions
Accessible housing for seniors and people with disabilities
Revitalization of older urban areas and preservation of small towns
As part of their move to the Northern Virginia area, Amazon agreed to a 5-year commitment of $15 million annually in new REACH funding for affordable housing in the region to support the development of the company’s second headquarters. This $800,000 is part of a Year 1 Funding package focused on lower-income rental housing in Arlington, Alexandria and Fairfax.
In addition to receiving REACH Virginia funds, the Fairfax County Redevelopment and Housing Authority will provide $7.4 million in deferred loans and developer Wesley Housing will also be applying for Low-Income Housing Tax Credits administered by the VHDA and other sources.
Closing on this project is currently pending.
January 29, 2020
At its January 28 meeting, the Fairfax County Board of Supervisors voted to approve the construction of 150 units of affordable independent senior housing in the highly cost-burdened Fairfax/Alexandria City area.
The Oakwood Residences will be constructed on the 6.2-acre site located at the intersection of Oakwood Road and South Van Dorn Street in Alexandria. The property is owned by the Fairfax County Redevelopment and Housing Authority and will be leased to Arlington Partnership for Affordable Housing (APAH) for the development of the Oakwood Residences.
APAH’s vision is to develop 100 percent committed affordable senior housing with a mix of one- and two-bedroom apartments designed to meet the needs of adults ages 62 and older earning between 30 and 60 percent of the Area Median Income.
The development will feature landscaped areas, resident services offices, and communal multipurpose spaces to allow for computer/library and meeting areas. The development will also include services and programs that support all residents – including wellness programs and activities.
The Oakwood Residences represents a substantial housing investment to support the growing older adult population in Fairfax County—providing more opportunities for older adults to age in place in communities where they have participated, worked and raised their families. Oakwood will remain affordable for 30 years pursuant to the Extended Use Regulatory Agreement with the Virginia Housing Development Authority, and thereafter, pursuant to the Ground Lease, will remain affordable for an additional 45 years (for an aggregate total of 75 years).
January 27, 2020
As a result of the November 2019 request for proposals for project-based vouchers (PBVs), the Fairfax County Redevelopment and Housing Authority has awarded 130 PBVs to three applicants for new construction senior housing projects.
Having guaranteed PBVs associated with new construction projects enable qualifying affordable housing projects to have a stronger financial position to obtain funding resources – both in the form of cash and/or in the form of IRS tax credits. Awarding these 130 PBVs is helping to pave the way for the development of 431 new senior housing units in major activity centers in Fairfax County – including Reston, Fairfax and Alexandria – with access to a wide range of community amenities as well as public transportation.
New Lake Anne House (Reston): 102 PBVs awarded; 240 total senior units
One University Senior Housing (Fairfax): 20 PBVs awarded; 120 total senior units
Oakwood Senior Housing Development South Nine (Alexandria): 8 PBVs awarded; 71 total senior units
Applications were scored based on a points system. Proposals were judged on the following criteria: project summary; project and property description; applicant qualifications and experience; project feasibility; and supportive services.
