At the July 21 meeting of the Fairfax County Redevelopment and Housing Authority (FCRHA), commissioners approved a loan in the amount of $15 million to a joint venture of AHC Inc. and Insight Property Group to finance the acquisition of Colvin Woods Apartments in Reston. This is a major achievement towards the FCRHA’s joint goal with the Fairfax County Board of Supervisors in preserving the county’s current stock of affordable housing. The Housing Blueprint loan would be funded from the county’s Affordable Housing Development and Investment Fund. This action is subject to the approval of the Fairfax County Board of Supervisors.
“As the county’s affordable housing finance agency, this is a shining example of what we do, and do well,” said FCRHA Chairman Melissa McKenna. “Working in partnership with our development community, we are looking for ways to deliver and preserve affordable housing in areas of high opportunity, oriented around transit and employment and connected to the wealth of services and experiences that Fairfax County offers all our residents. Colvin Woods fits that description in every respect.”
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 purchasers 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.
PHASED AFFORDABILTY
The community has been a market affordable community, but with no rent restrictions to safeguard that affordability. Upon purchasing the property, 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.
From the date of purchase through October 2025, the new owners of Colvin Woods will renew leases with current residents in good standing, regardless of income, to sustain housing affordability and avoid displacement. All naturally occurring vacancies will be leased to income-qualified tenants. By October 2027, 155 units will serve households earning up to 60 percent of AMI and 104 units will serve households up to 80 percent of AMI. After year 10, the property will go through a low-income housing tax credit refinancing, which will provide even deeper affordability for the residents and a more comprehensive rehabilitation of the property.
“We are supporting the preservation of affordable housing at Colvin Woods because we need the people who need affordable housing,” McKenna continued. “They are teachers, first responders, childcare workers, construction workers, cashiers, servers, and even up-and-coming college graduates who are looking to get their start in the job market. Each of these residents play a critical role to help our community thrive, and I am proud that we are working to enable them to enjoy with us the quality of life they help provide.”