August 3, 2007
Preservation Numbers Pass 1500!
On July 24, 2007, the Fairfax County Redevelopment and Housing Authority (FCRHA) closed on an Affordable Housing Partnership Program loan (AHPP) from the Penny for Affordable Housing Fund ($5,300,000) to Coralain Apartments L.P. for the acquisition and rehabilitation of Coralain Garden Apartments in the Mason District. The 105-unit complex is located off Route 50 just inside the beltway and was built in 1962. This transaction resulted in the long term preservation of the 105-unit apartment complex. Twenty percent (20%) of the units (22 units) are affordable to households with incomes up to 50% of the Area Median Income ($47,250 for a family of four) the remaining 80% (83 units) are affordable to households with incomes up to 60% of the Area Median Income ($56,700 for a family of four). Five of the units will be rehabilitated to be fully ADA compliant. These units will remain affordable for 50 years.
