Email signup

Nonprofit and developer to acquire Reston’s Colvin Woods apartments

A joint venture is set to take over the Reston apartment community (via Colvin Woods)

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.

Recent Stories

The plan for a major residential neighborhood near the Innovation Center Metro station in the Herndon area is evolving. But the tweak won’t be approved by the Fairfax County Planning…

To further its environmental goals, Fairfax County’s to-do list should include building an electric vehicle charging network, addressing “critical” staff shortages, and addressing development pressure, the Environmental Quality Advisory Council…

Three Fairfax County Public Schools teachers will now be able to pursue unique arts projects with their students, thanks to financial assistance from the Wolf Trap Foundation for the Performing…

Fairfax County is moving steadily towards its target of building 10,000 net new affordable housing units by 2034. The county has roughly 4,000 units built, planned or under construction that count towards the goal set in 2022, staff told the Board of Supervisors on Tuesday (Feb. 27).

Dreaming of small-town charm with big-city convenience? Look no further than 7156 Main St in Clifton, Virginia! Nestled just 30 miles from the heart of Washington D.C., this picturesque property offers the best of both worlds.

Escape the hustle and bustle of the city to find tranquility in this quaint, historic town. With its tree-lined streets and friendly community atmosphere, Clifton is the perfect place to call home. Yet, with its close proximity to the nation’s capital, you’ll never be far from the excitement and opportunities of urban living.

Imagine weekends exploring local shops, dining at charming cafes, and enjoying outdoor adventures in nearby parks. Then, commute to D.C. for work or play, soaking in all the culture, entertainment, and career opportunities the city has to offer.

Read More

Submit your own Community Post here.

Great Clips at South Lakes Village Center (Reston, Virginia) is seeking hair donors to participate in the Wigs for Kids program this Valentines Week. If you meet the minimum requirements and would like to donate your hair for children fighting cancer, we would love to host you in our salon this Valentine’s Week for a free haircut.

Minimum Requirements

  • Hair donations must be a minimum of 12 inches

  • Hair donations must be clean and stored/packaged completely dry.

  • Hair donations cannot be permed, color-treated, or highlighted.

  • Temporary coloring or highlights that wash out are acceptable but must be completely washed out before cutting. Gray hair is accepted.

Read More

Submit your own Community Post here.

The Van Metre 5K Run

Participate in the 32nd Annual Van Metre 5K Run, a race that goes further than 3.1 miles, and every stride you take supports Children’s National Hospital. The Van Metre 5K Run donates 100% of proceeds to Children’s National Hospital and

Active Bystander: Tactical Emergency Casualty Care (TECC) Training

The Tactical Emergency Casualty Care (TECC) Active Bystander Certification course, also known as Active Bystander, is the premier training program to prepare civilians for how to respond during an intentional violent event and to address life-threatening emergencies.

Similar to FEMA’s

×

Subscribe to our mailing list