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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