The Fairfax County Board of Supervisors and the Redevelopment and Housing Authority have authorized a $3 million Housing Blueprint loan to finance the development of 240 units of affordable senior housing in Reston. The project, known as the New Lake Anne House, will eventually replace the aging Lake Anne Fellowship House located on the adjacent site on a 1-for-1 basis.
The Lake Anne Fellowship House was developed in the early 1970’s and has, for nearly 50 years, provided a quality living experience for very-low income older adults in the Reston area. The development of the New Lake Anne House will provide a more marketable, modern and accessible living opportunity for low-income seniors to age in place. The project will include a mix of studio, one- and two-bedroom units.
All 240 units will be rent- and income-restricted to residents with incomes at or below 60 percent of AMI for at least 30 years. Each resident will pay no more than 30 percent of their income toward their housing costs, including rent and a utility allowance. The Utility allowance will include air conditioning, cooking, lighting and hot water.
It is anticipated that the financing on the project will close later this year.