Project Description: Somos at McLean Metro Phase A will be a new construction mid-rise multi-family rental housing community for lower income households. Upon completion, Somos at McLean Metro – Phase A will create 231 new affordable homes in a high barrier to entry market walkable to the Metro.
SCG Development has demolished an abandoned office building and will create a mix of studio, one-bedroom, two-bedroom and three-bedroom affordable apartments. The new community will be walkable to the McLean Metrorail station and less than a 10-minute walk to Tysons Corner Center via the new pedestrian bridge spanning the Capital Beltway. It is also located within the Tysons Urban Center, which is a major economic hub in Fairfax County.
This project is receiving substantial support from Virginia Housing, Amazon, Fairfax County, and the Fairfax County Redevelopment and Housing Authority, along with a contribution of tax credit equity from Stratford Capital Group. Virginia Housing, Virginia’s state housing finance agency, has committed over $54.5 million in financing, as well as 4% Low Income Housing Tax Credits (LIHTC). These tax credits make it possible for the residential units to be available at rents affordable to residents earning 60% or less the area median income (AMI).
Developer: Stratford Capitol Group (SCG)
Affordable Units: 453 multifamily with some units
Affordability: 60% AMI
Funding:
This project is receiving substantial support from Virginia Housing, Amazon, Fairfax County, and the Fairfax County Redevelopment and Housing Authority, along with a contribution of tax credit equity from Stratford Capital Group. Virginia Housing, Virginia’s state housing finance agency, has committed over $54.5 million in financing, as well as 4% Low Income Housing Tax Credits (LIHTC). These tax credits make it possible for the residential units to be available at rents affordable to residents earning 60% or less the area median income (AMI).
Amazon has also committed a $28.97 million low-rate loan to Phase A from the Amazon Housing Equity Fund, a more than $3.6 billion commitment to create or preserve more than 35,000 affordable homes for low- to moderate-income families in the Arlington, Virginia-Washington D.C. region, Washington state’s Puget Sound region, and the Nashville, Tennessee region. The Tysons Community Alliance has also been a vital partner in both affordable housing and economic development.
The Fairfax County Redevelopment and Housing Authority and Fairfax County Government have established the goal of creating 10,000 new units of affordable housing by the year 2034 and to preserve the county's existing stock of affordable housing. While this does include development and preservation of properties owned by the Fairfax County Redevelopment and Housing Authority, much of this work is undertaken through private development with significant public resources applied by the county in the form of financing assistance and the contribution of public land.
