|July 26, 2005
Fairfax County Provides Dedicated Source of Funding for Affordable Housing
In response to soaring home values and a diminishing supply of affordable housing, the Fairfax County Board of Supervisors approved a new dedicated source of funding for affordable housing at its meeting on April 25, 2005. Beginning on July 1, 2005, one penny of each dollar of the real estate tax rate will be set aside for the preservation and production of affordable housing. The tax is expected to generate approximately $18 million in its first year.
“This marks a new day for all those who have been trying to preserve our limited supply of affordable housing,” stated Conrad Egan , chairman of the Fairfax County Redevelopment and Housing Authority. “With these resources now available, we look forward to working with our nonprofit partners in this important effort.”
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