October 22, 2007
Fairfax County Look to Preserves 672 Units of Affordable Housing
Purchase of Annandale Property Will Increase Total Preserved to 2,200
On Monday, Oct. 15, the Fairfax County Board of Supervisors announced that it has entered into a contract to make the largest acquisition to date in its mission to preserve affordable housing with the approval of the purchase of the Wedgewood Apartments, located in the Braddock District. A total of 672 units will be purchased by Fairfax County.

“The acquisition of Wedgewood Apartments will be a major achievement that once again demonstrates the commitment of Fairfax County to preserve existing affordable housing. This acquisition will bring the total number of units preserved to 2,200—more than double our original preservation goal,” said Fairfax County Board of Supervisors Chairman Gerald E. Connolly.

Vice Chairman Sharon Bulova, who represents the Braddock District, noted that “it’s wonderful to be presented with such a unique opportunity to preserve affordability in a property of this size and in this location.”

The multi-family Wedgewood property was built in phases between 1963 and 1967, and is located on 34.8 acres off of Heritage Drive in Annandale. Currently, rents are affordable to households with incomes at an average of approximately 65 percent of the Washington Metropolitan Area Median Income. The property will continue to be operated as affordable housing for low and moderate income households.

The Wedgewood property will be purchased for a total of $107,500,000, or approximately $159,970 per unit and is intended to be leased to the Fairfax County Redevelopment and Housing Authority (FCRHA). Acquisition funding will include Bond Anticipation Notes issued by the FCRHA and $5,000,000 from the Penny for Affordable Housing Fund. Permanent financing options could include a combination of funding alternatives such as tax exempt bonds, conventional financing, low income housing tax credits, additional Penny Funds and federal funding sources.

Supervisor Catherine Hudgins, Hunter Mill District, and chairman of the Board of Supervisors Housing Committee, said “this accomplishment will continue the county’s success as a competitive participant in the bidding process on privately-owned properties that began with Crescent Apartments in Reston. It will continue our presence as a dynamic government dedicated to not only meeting, but exceeding our affordable housing goals.”

The Wedgewood property was placed on the market for sale this summer by the current long-time owners. Closing of the purchase is expected to take place in late November 2007.