E-ffordable July Edition
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.
Reminder: Local Funding of nearly $15 Million Available for the Development of Affordable Housing in Fairfax County
The Fairfax County Department of Housing and Community Development (HCD) is pleased to announce the availability of nearly $15 million in local funds for the development of affordable housing in Fairfax County.
The nearly $15 million includes only local Housing Blueprint funds.
RFP Deadlines for FY 2020 Affordable Housing Funds
All applications are due by July 26, 2019
Operation Renewed Hope Foundation Celebrates First Home Purchase
On Friday, June 14, Operation Renewed Hope Foundation conducted a ribbon-cutting ceremony at 6400 May Blvd., Alexandria, VA to celebrate its first home purchase. In April 2019, the Fairfax County Redevelopment and Housing Authority (FCRHA) awarded Operation Renewed Hope Foundation $582,274 in Community Development Block Grant (CDBG) funds for the acquisition and necessary rehabilitation of two homes to serve veteran families at or below 50 percent of the area median income. These two homes will now provide affordable long-term housing to veterans and their families who are homeless or are at-risk of homelessness.
Operation Renewed Hope Foundation’s continued efforts to serve our veterans, many of whom are at risk of becoming homeless, are aligned with one of the main goals of the FCRHA - to prioritize housing assistance for those that are most vulnerable in our community, especially those who have dedicated their lives in service to our nation.
FCRHA Welcomes New Commissioner Lenore Kelly
Lenore Kelly has been appointed as the new Sully District Commissioner for the Fairfax County Redevelopment and Housing Authority (FCRHA). Ms. Kelly holds a B.S. degree from Fairfield University and a J.D. from the University of Bridgeport, and is a member of the Virginia, Connecticut and District of Columbia Bars. Ms. Kelly is currently a Managing Associate General Counsel at Freddie Mac in the Mortgage Securities Department and has worked at Freddie Mac since 1996. Prior to Freddie Mac, she was an associate at Cadwalader, Wickersham & Taft LLP specializing in mortgage-backed securitizations. Prior to law school, Ms. Kelly was a land use and planning consultant in Connecticut. She was listed on the Capital Pro Bono Honor Roll for 2018 and represents pro bono clients through Legal Services of Northern Virginia and other providers. Ms. Kelly has been a Fairfax resident for over 20 years.
2019 Homelessness Point-in-Time Count Survey Released
On the night of January 23, 2019 there were 1,034 people who were literally homeless in the Fairfax-Falls Church community. This represents a five percent increase from the number counted in January 2018, or 47 more people than the 987 people counted in 2018. One of the factors contributing to this increase include a shortage of affordable housing options, including new permanent supportive housing and rapid rehousing. The total decrease in the homeless population from 2008 to 2019 is 44 percent, which represents 801 less people homeless on one night in January 2019 then there were on one night in January 2008.
For more information about the 2019 Point-in-Time count, visit the Fairfax County Office to Prevent and End Homelessness web page by clicking here.
Have You Looked at FCRHA Bond Financing as an Option?
One option for addressing the challenges of affordable housing development is partnering with the Fairfax County Redevelopment and Housing Authority (FCRHA) and accessing FCRHA revenue bonds to augment project finances. FCRHA revenue bonds have been successfully used in a number of recent affordable housing endeavors, including the development of The Residences at Government Center, and the renovation of Murraygate Apartments. The revenue bonds are issued through the FCRHA, with debt service coming from revenues produced by the project. For more information on FCRHA revenue bonds, and how to apply for them, click here.
HUD Releases Mid-Atlantic Economic Report
The U.S. Department of Housing and Urban Development (HUD) released its Mid-Atlantic (Virginia, Maryland, the District of Columbia, West Virginia, Delaware, and Pennsylvania) Policy Development & Research (PD&R) report for the first quarter of 2019, including information of significance to the availability of affordable housing in the region. Multifamily construction activity was down 21 percent in Virginia from the previous year. Apartment market conditions were considered balanced in the Virginia suburbs of the District of Columbia, however supply remains an issue, with apartment vacancies decreasing year-over-year, while average apartment rents increased 3 percent.
The HUD PD&R Regional Report also contains information on regional population changes, employment sectors, payroll jobs, and housing market sales. The full, six-page report can be viewed here.