Fairfax County Announces $48+ Million Available for Affordable Housing
- allysonpearce8
- 22 minutes ago
- 2 min read
County seeks development partners to apply for funding pool
Fairfax County seeks affordable housing development and preservations partners to apply for more than $48 million of funding. Requests for Proposals are being accepted on a rolling basis until all funds are awarded. Interested partners can apply online.
The Fairfax County Redevelopment and Housing Authority (FCRHA) awards funds to partners who will deliver:
New construction with long-term affordability
Preservation of market affordable or committed affordable properties, particularly where residents are at risk for displacement
FCRHA delivers a predictable, reliable funding source that helps achieve public good while also contributing to the development pipeline of its partners. Developers, banks, non-profits and other affordable housing industry partners are invited to apply and bring their innovative ideas to further efforts to create a Fairfax County everyone can afford to call home are welcomed.
About the Affordable Housing Funds
The FCRHA is a political subdivision of the Commonwealth of Virginia and acts as Fairfax County’s local affordable housing financing agency. As such, the FCRHA can provide a vehicle for private developers to obtain low-cost mortgages to acquire, construct, and rehabilitate multi-family affordable housing developments. FCRHA is also disbursing state funds to support the development of permanent supportive housing for very low-income people with serious mental illness.
Funding Sources
The $48 million of available funds comes from the following sources (all numbers are rounded):
Funds Available for New Construction and Preservation
Housing Blueprint: Affordable Housing Development and Investment (AHDI) - funding available to finance affordable housing development and preservation: $42 million
Affordable Housing Proffers: Tysons - Funds from zoning proffers set aside for affordable housing in Tysons Urban Center: $3.2 million
Affordable Housing Proffers: General - Funds from zoning proffers set aside for affordable housing countywide: $977,000
Funds for Predevelopment and Construction Costs for Projects that include PSH Units
VA Department of Behavioral Health and Developmental Services (DBHDS) Region 2 - State funds to support the development of permanent supportive housing for very low-income people with serious mental illness: $2.5 million
Housing Blueprint - Permanent Supportive Housing (PSH) - Fairfax County Affordable Housing Development and Investment fund set-aside for projects with PSH units: $500,000