Fairfax County, the Fairfax County Redevelopment and Housing Authority (FCRHA), and SCG Development recently announced the closing on financing for the Ovation at Arrowbrook – a transit-oriented, mixed-use development which will add 274 affordable apartments in the Herndon/Reston area of the Dranesville District. The project has included a significant financial investment from the county in the form of local Housing Blueprint funding, project-based vouchers and revenue bonds. The investment is another step towards addressing housing disparity the Northern Virginia housing market.
“To build a community complete with a quality of life that we’ve come to expect in Fairfax County is a monumental task that takes a wonderfully diverse collection of workers; but right now, our housing market is struggling to produce options for many of our low and moderate-income households to afford a stable, safe home in the communities where they work,” said Dranesville District Supervisor John Foust. “The Ovation at Arrowbrook represents a huge leap forward by providing many of these hard-working households the opportunity to establish roots, raise their families, and benefit from all the advantages that life in Fairfax County affords.”
The 274 apartments to be constructed will serve as committed affordable housing for households earning between 30 and 60 percent of the area median income and are anticipated to remain affordable for a minimum of 50 years. The apartments will include 55 three-bedroom units – a feature in high demand in the Herndon/Reston area – as well as 15 handicap accessible units. The development will also include green building, universal and sustainable design features and Earthcraft design features. The development will be located less than a mile away from the Innovation Metro Station.
“The financing component of the Arrowbrook development not only reflects the significance of our commitment to the development of affordable housing throughout Fairfax County, but it is an exceptional showcase of several of the tools we have to bring these developments a reality,” said newly elected FCRHA Chair, Melissa McKenna. “The FCRHA will continue to leave no stone unturned and no tool or resource unutilized in our pursuit to achieve and surpass our countywide goal of producing a minimum of 5,000 new affordable homes within the next 15 years.”