Board Approves Housing Authority Financing to Develop, Preserve Affordable Housing in Lorton and Falls Church
Fairfax, VA – March 30, 2015 – (RealEstateRama) — The Fairfax County Board of Supervisors has approved loans totaling up to $3,490,000 from the Fairfax County Redevelopment and Housing Authority (FCRHA) to Cumberland Court Apartments, LLC for the renovation and development of a newly proposed Lindsay Hill Apartments in Lorton and New Wexford LLC for the acquisition, preservation, and rehabilitation of Wexford Manor Apartments in the Falls Church area.
Lindsay Hill Apartments will be located on the historic site of the District of Columbia Workhouse and Reformatory in the Laurel Hill community of Lorton and is expected to bring 55 units of affordable housing for seniors to Fairfax County. The project is an adaptive re-use of five historic buildings at the site. Cumberland Court Apartments, LLC will complete an extensive interior and exterior renovation of the buildings; planned improvements include Universal Design features, inclusion of six handicapped accessible units, two units to meet the needs of people with sensory disabilities, onsite property management, a community room and fitness center. The developer has received a reservation for nine percent Low Income Housing Tax Credits from Virginia Housing Development Authority (VHDA). Up to $590,000 in financing will be provided to Cumberland Court Apartments, LLC in the form of a deferred loan from the FCRHA. Cumberland Court Apartments, LLC is an affiliate of Community Housing Partners.
Wexford Manor Apartments, a 74 unit affordable housing community, will receive interior and exterior improvements, including the conversion of eight units to full accessibility, and an expanded Community Resource Center for resident services and support. In addition, the community will be preserved as affordable housing for at least the next 30 years. Pending the approval of Low-Income Housing Tax Credits from the VHDA in March 2015, up to $2,900,000 in financing will be provided to New Wexford LLC in the form of a deferred loan from the FCRHA. New Wexford, LLC is an affiliate of Wesley Housing Development Corporation.
“The preservation and renovation of these two properties provides an enduring affordable housing resource for our families and seniors of modest means for years to come,” said Chairman Sharon Bulova. “I am proud that the FCRHA continues to support the mission of keeping Fairfax County affordable.”
This action helps the county meet the goals of the County’s Housing Blueprint, a housing strategy that reflects the philosophy that affordable housing is a continuum ranging from the needs of the homeless, to seniors and persons with special needs, to low-income working families, to first-time homebuyers.
