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.