The Fairfax County Board of Supervisors has approved the Fairfax County Redevelopment and Housing Authority (FCRHA) to make loans totaling $6.5 million to One University Family, LLC and One University Senior, LLC to finance the development of One University Apartments in Fairfax, Virginia.
The project will include the construction of a total of 240 affordable housing units—120 units for individuals and families with incomes between 30 and 60 percent of the area median income (AMI) which equates to approximately $36,390 to $72,780 for a family of four. The project will also include the construction of 120 units for seniors ages 62 and older with incomes at 60 percent AMI or below.
“The Apartments at One University project is a forward-thinking and vital investment in an area of our county with a significant need of affordable housing options – both for low to moderate income families and seniors as well as for students of George Mason University,” said FCRHA Chairman Robert Schwaninger. “Located in one of the county’s major activity centers with access to public transit and amenities, One University is a prime example of how affordable housing can successfully be enhanced not only in Fairfax County but throughout the Washington Metropolitan Region.”