December 7, 2007
New Acquisition Largest Ever by FCRHA
Fairfax County closed on their acquisition of Wedgewood Apartments (Braddock District) on Thursday, Nov. 28. The 672 unit 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 be maintained by the Fairfax County Redevelopment and Housing Authority (FCRHA) and will continue to be operated as affordable housing for low and moderate income households.

The Wedgewood property was purchased for a total of $107,500,000, or approximately $159,970 per unit.  Interim financing includes the issuance and competitive sale of Bond Anticipation Notes (BANS) by the FCRHA and a reallocation and disbursement of $5,000,000 from the Penny for Affordable Housing Fund which covers the purchase the property, pay costs of issuance, fund operating and capital reserves and relocation costs.