The FCRHA, in partnership with Fairfax County, is using a variety of techniques to deliver new, affordable homes that add value to neighborhoods while delivering taxpayer return on investment. During the past year, acres of public land were converted into affordable housing. Federal, state and local funding from the Board of Supervisors were put to use to break ground on five local properties. Private industry partners – developers, financial institutions and more – came to the table to create opportunities. Through long-term land leases with development partners, we guarantee affordable homes for Fairfax County for decades to come.
A combination of low-interest financing, tax credits, private equity and successful collaboration come together to deliver real estate deals on affordable housing. Ultimately, this strategic real estate financing enables the FCRHA to serve a wide variety of households – including the people who keep our local economy humming. The FCRHA also leverages federal funding and flexibilities for local impact, including our designation as a U.S. Department of Housing and Urban Development Moving to Work agency.
Preserving affordable homes requires a diverse set of tools to stay ahead of the hot Fairfax County housing market. We proactively find and create opportunities by closely monitoring the market, building relationships with property owners and affordable housing providers, and using FCRHA financing.
According to national data, increasing the supply of affordable rental homes adds between $1.2 billion and $2.4 billion annually to local economies across America’s metropolitan areas.