Board Approves Housing Authority Financing to Preserve Affordable Housing in Huntington Area
WASHINGTON, D.C. – (RealEstateRama) — The Fairfax County Board of Supervisors has approved the Fairfax County Redevelopment and Housing Authority (FCRHA) to make a loan of up to $5.65 million to Christian Relief Services of Virginia (CRSVA) for the acquisition of a 113-unit apartment complex, Huntington Gardens, in the Lee District.
Huntington Gardens will be preserved as affordable housing for at least 30 years. The property will provide 28 units for chronically homeless individuals with special needs. The remaining units will be affordable to households with incomes at or below 60 percent of the Area Median Income (AMI).
“Stable, affordable housing is central to the health of individuals, families, and communities,” said Robert Schwaninger, FCRHA Commissioner and Chair. “The acquisition of Huntington Gardens is an important step in helping to build long-term stability and economic success for individuals and families with within Fairfax County.”
“The preservation of Huntington Gardens will provide an affordable housing resource for some of our most vulnerable populations as well as for individuals and families with modest means living clost to transit with many job opportunities,” said Supervisor Jeff McKay (Lee District). “I am glad to support the FCRHA in its mission to preserve affordable housing in Fairfax County. Partnering with our private sector nonprofits helps us leverage resources. This is a smart investment.”
Financing for this project will be provided to CRSVA in the form of a deferred loan from the FCRHA. This action support the Housing Blueprint, a housing strategy that refelcts the philosophy that affordable housing is a continuum ranging from the needs of the homeless to those of first-time homebuyers. If furthers the county goals of providing affordable housing options to low and moderate income families and those with special needs.
About Us:
Fairfax County Department of Housing and Community Development (HCD) is a local governmental agency within Fairfax County that administers affordable housing and community revitalization programs. In addition to its role as a departmentment of county government, HCD serves as the staff for teh Fairfax County Redevelopment and Housing Authority (FCHRA). The FCRHA is a political subdivision of the Commonwealth of Virginia whose mission is to initiate and provide opportunities for Fairfax County residents to live in safe, affordable housign and to help develop, preserve, and revitalize communities.
