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.