The Autumn Willow Development project is sponsored by the Fairfax County Redevelopment & Housing Authority (FCRHA) under the provisions of the Public-Private Education Facilities and Infrastructure Act of 2002, as amended (PPEA). The development will create up to 150 units of affordable independent senior housing on the 10.8-acre site owned by the FCRHA located at the intersection of Stringfellow Road and Autumn Willow Drive in the Springfield District. Funding for the project will include both 4% and 9% Low Income Housing Tax Credits (LIHTC), private financing, and local funds.
Request for Proposals
In December 2019, the County issued a Request for Proposals (RFP) to develop the Autumn Willow property. The RFP included the following evaluation criteria: financial feasibility, degree to which Development Plan meets FCRHA’s goals (inclusive of design), development team experience, affordability, community outreach, and commitment to use FCRHA bond financing. Eight proposals were received. Following the evaluation process, the County selected the proposed development by the Michaels Development Company I, LP (the “Developer”).
Interim Agreement
The FCRHA conducted a public hearing (which was held on June 30, 2020) on the then-proposed Interim Agreement. Following the public hearing, the FCRHA authorized the director of the Department of Housing & Community Development to execute the Interim agreement. Based on the Interim Agreement, the Developer was granted a limited revocable agency to submit, as agent of the FCRHA, applications for a special exception (SE) and site plan approvals, at the Developer’s sole cost. The Interim Agreement expires on February 28, 2021.
Comprehensive Agreement
The FCRHA conducted a public hearing on the Comprehensive Agreement on January 13, 2021. Consequently, the FCRHA approved the Comprehensive Agreement on February 18, 2021. The Comprehensive Agreement contains the Contract to Ground Leases for both the 9% and 4% deals, the Option to Leases for the both the 9% and 4% deals, and Form of Deed of Lease. The Comprehensive Agreement replaces the Interim Agreement. The Board of Supervisors approved the Developer’s special exception application on February 21, 2021, which will permit the construction of the 150 affordable senior housing units on the property. In exchange for the ground Lease, the Developer will complete the design, construct, and operate the affordable senior housing units. In addition, the Developer will pay (1) a one-time payment of $500,000 capitalized lease payment, (2) a one-time $50,000 lease preparation fee, and (3) annual rental in the amount of 50% of the Developer’s net cash flow. The Developer has submitted the 9% Low Income Housing Tax Credit application on March 17, 2021.