A nonprofit organization and for-profit real estate development company are getting in position to acquire Reston’s Colvin Woods apartments.
The Fairfax County Board of Supervisors unanimously approved a plan yesterday (Tuesday) for the Fairfax County Redevelopment and Housing Authority to issue a $15 million loan to the joint venture between AHC Inc., a community-based housing development organization in Arlington, and Insight Property Group, a private real estate development company.
Overall, the acquisition is expected to cost $88.2 million, with county funds making up 19% of the overall financing. The remaining balance is made up through an acquisition loan and sponsor equity. The funds are from the county’s Housing Blueprint initiative, which aims to build a variety of affordable housing options.
County officials touted the move as an effort to preserve the 259-unit apartment community as an affordable housing option. It would also secure a plan for renovations and repairs after 10 years of the acquisition.
In a staff memo, county staff noted that the move would likely preserve “259 units that are currently affordable and add[s] affordability restrictions on those units.”
The development team plans to preserve the units for households earning between up to 60 and 80% of the area median income. The team also plans to refinance the project as a later point to allocate roughly 4 percent of the units through the federal Low Income Housing Tax Credits program.
The Colvin Woods apartment complex was built in 1979, and 158 of its 259 units were renovated in 2010. Six additional units were renovated since then, but 95 units remain untouched by renovations.
The financing on the project is expected to close by Aug. 22, according to the county.
AHC has developed more than 7,500 homes across 50 properties, including three affordable apartment communities in the county.
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Explore your creative side this fall at Art House 7 with our Fall 2 Session of art classes beginning October 30th. Whether you’re a budding artist or looking to unleash your artistic potential with something new, there’s a class for everyone!
Short and Drop-In Classes:
Dive into creativity with our short-term offerings, including a 3-week still-life painting course, a 3-week knitting class, a 5-week Painting the Portrait and Figure workshop led by acclaimed local artist Danni Dawson, and a mesmerizing 4-week exploration of Japanese Suminagashi and modern paper marbling. Plus, we have a drop-in class specially designed for parents and toddlers (2-4 years old) to introduce them to the world of art.
Public invited: “Fur-th Birthday” brunch celebration for Woofie’s of South Riding-Aldie, Sunday, October 8 at The Lazy Dog Restaurant & Bar
Woofie’s of South Riding-Aldie, providing premium mobile pet services throughout Aldie, Middleburg, South Riding is celebrating its fourth anniversary with expansion to Centreville and Chantilly and its fourth Woofie’s pet grooming van. The franchise, owned and operated by Loudoun County residents, husband/wife team Sebaot Gebre and Teferi Dejene, has grown by 900% since its first full year in business.
• Mobile pet spa grooming
• Dog walking
• Pet sitting
• In-home or overnight pet sitting
• Customizable services
We invite you to join us at STEAMOLOGY’s annual FREE STEM Fest for elementary and middle school students, taking place on Saturday, October 14th at South County High School, 8501 Silverbrook Rd, Lorton, VA 22079.
STEM Fest is an exciting