The Fairfax County Redevelopment and Housing Authority (FCRHA) is a political subdivision of the Commonwealth of Virginia and possesses specific powers granted by state code, including the ability to issue bonds, purchase property and make loans. As such, the FCRHA acts as Fairfax County’s local housing finance agency. The FCRHA began a tax-exempt financing program in the late 1970s to facilitate the development and preservation of affordable housing. Through tax-exempt bond financing and, as an FHA-approved housing finance agency, the FCRHA is able to provide a vehicle for private developers to obtain low-cost mortgages to acquire, construct and rehabilitate multi-family developments.
Fairfax County uses a variety of local, state, and federal funding sources to support the new development and preservation of Affordable Housing. More than $51.9 million is currently appropriated and is now available for multifamily affordable housing development projects.