June 1 , 2007
Tax-Exempt Bonds Issued for Reston Glen
The Fairfax County Board of Supervisors recently approved the issuance of tax-exempt and taxable bonds by the Fairfax County Redevelopment and Housing Authority (FCRHA) in the amount of $35,000,000 and an Affordable Housing Partnership Program loan (AHPP) from The Penny for Affordable Housing Fund in an amount not to exceed $2,375,000 to Fairfield Laurel Glade LLC to refinance the acquisition and provide funding for rehabilitation of Reston Glen Apartments (Hunter Mill District.) This joint effort between the Fairfax County Redevelopment and Housing Authority (FCRHA) and Fairfield Residential, one of the nation’s largest owners of multi-family housing, will also result in the long-term preservation of 40 apartments at the property. The 200-unit complex is located on Laurel Glade Court in the heart of Reston and was built in 1974.  The forty apartments represent 20% of the total units and will have rent affordable to households earning 50% of the AMI.  The period of affordability will be 30 years.