Board of Supervisors Approves FCRHA Actions to Finance Affordable Housing
On Tuesday, August 2, 2022, the Fairfax County Board of Supervisors approved the FCRHA financing actions to support the development and preservation of affordable housing in Reston and Tysons.
Colvin Woods (Reston)
The Board of Supervisors approved a $15 million Housing Blueprint loan to a joint venture of AHC Inc. and Insight Property Group for the acquisition of Colvin Woods Apartments in Reston.
Colvin Woods is a 259-unit apartment complex originally constructed in 1979. The property includes both one- and two-bedroom apartments. The community includes a clubhouse, leasing office, and swimming pool. Upon completion of the purchase, the owners will conduct a moderate renovation of the exterior/common areas with additional in-unit work to be completed at turnover and on an as-needed basis. The owners will initiate a phased approach to achieve a unit mix of 60 percent of the units occupied by residents earning no more than 60 percent Area Median Income (AMI) and 40 percent of the units occupied by residents earning no more than 80 percent of AMI.
The Board also approved $33.3 million to acquire approximately four acres on Old Meadow Road, in Fairfax County’s Tysons Urban Center, and support the development of approximately 450 units of affordable housing by SCG Development Partners, LLC (SCG).
The development – known as Somos at McLean Metro (Somos) - will include the demolition of a seven-story office building currently on the site and replace with two buildings (one five-story building over structured parking, and another eight-story building) with a combination of studio, one-, two-, and three-bedroom apartments. The development will also include about 5,000 square feet of community space. Units will be committed to serve households at a variety of income levels to include 40, 50, 60 and 70 percent of Area Median Income (AMI).