Located at 1750 Old Meadow Road, Somos at McLean Metro is a new mid-rise multi-family rental housing development for low-income households, which will provide quality affordable housing in a high-barrier-to-entry market. A total of 456 new affordable rental homes will be delivered in two phases, 231 units in Phase A, currently under construction, and 225 units in Phase B.
Following the recently completed demolition of an abandoned office building, SCG Development will construct a mix of studio, one-, two-, and three-bedroom affordable apartments in two mid-rise buildings within walking distance of the McLean Metrorail station as well as the Tysons Corner’s new pedestrian bridge. The new community will be located within the Tysons Urban Center, which is a major economic hub in Fairfax County. SCG Development has partnered with the Tysons Community Alliance (TCA) to help connect residents to a variety of valuable community and economic resources, including employment opportunities, schools, shopping, and more. TCA is an independent, non-profit community improvement organization committed to ongoing transformation of Tysons, Virginia.
The 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 has committed over $66 million in financing, as well as 4% Low Income Housing Tax Credits (LIHTC). The tax credits make it possible for the residential units to be available to households earning 60% or less of the area’s median income (AMI). Virginia Housing is a self-supporting, non-profit organization created by the Commonwealth of Virginia in 1972 to help Virginians attain quality affordable housing.
Amazon has committed a $47.17 million low-rate loan 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/ National Capital region, the Nashville, Tennessee region, and the Washington state’s Puget Sound region.