July 3, 2019
Fairfax County Affordable Housing Projects to receive $3.7 million from Virginia Housing Trust Fund
Earlier this month, Governor Ralph Northam held a press conference in Arlington, VA to announce more than $11 million in Affordable and Special Needs Housing loans for 17 projects throughout the Commonwealth, creating or preserving 1,283 affordable housing units that will target low-income and very low-income Virginians. The projects receiving funding are focused on affordable new construction, rehabilitating housing projects, and permanent supportive housing options for people with intellectual and developmental disabilities. The loans are awarded through a competitive process administered by the Virginia Department of Housing and Community Development. Funding for the Virginia Housing Trust Fund is a combination of state and federal sources. The Virginia Housing Trust Fund is a key source of financing for these affordable housing initiatives to support moderate- and low-income families.
In addition to their other financing sources, the following affordable housing projects in Fairfax County will receive approximately $3.7 million in loans from the Virginia Housing Trust Fund. The following projects will receive funding:
The Residences at North Hill (279 units, Mount Vernon District): $2.3 million
New Lake Anne Housing (240 senior units, Hunter Mill District).: $700,000
The Arden (125 units, Mount Vernon District): $700,000
All three of these projects are critical to achieving the Board of Supervisors affordable housing preservation and production goals. The Fairfax County Redevelopment and Housing Authority (FCRHA) is playing a critical role in all three projects as a lender, provider of federal subsides, and development partner.