Friday, Sept. 12, 2008

Fairfax County Redevelopment and Housing Authority Takes Another Big Step Toward The Construction Of Olley Glen Senior Housing

On August 26, 2008, the Fairfax County Redevelopment and Housing Authority (FCRHA) closed on permanent financing for the construction of Olley Glen senior residences in the Braddock District.  When complete, Olley Glen will consist of 90 units of independent living for seniors of low to moderate income.  The project is the third phase of the Glens at Little River which currently consists of Little River Glen, 120 units for independent senior living and a senior center, and Braddock Glen, 60 units of assisted living and an adult day health care center.  The complex financing arrangement for Olley Glen includes tax-exempt bonds insured through the U.S. Department of Housing and Urban Development’s FHA Risk Share Program, low income housing tax credits, CDBG funds, HOME funds, Housing Trust Funds and a portion of the developer fee that is deferred.  The credits sold at 97 cents on the dollar-an unprecedented good price in today’s market-and will generate over 7 million dollars in private equity for the project. This is the 51st bond issuance for the FCRHA.  Since it started issuing bonds in 1977, the FCRHA has issued more than half a billion dollars in bonds for affordable housing projects and other county facilities.  Construction of Olley Glen is expected to begin after January 1, 2009 and be completed by June 2010.