July 6, 2007
40 Units at Reston Glen Preserved
At the end of June, the Fairfax County Redevelopment and Housing Authority (FCRHA) closed on a financing transaction ($35,000,000) and an Affordable Housing Partnership Program loan (AHPP) from The Penny for Affordable Housing Fund ($2,375,000) to Fairfield Laurel Glade LLC to refinance the acquisition and provide funding for rehabilitation of Reston Glen Apartments in the 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, results 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 40 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.
