FCRHA Issues Tax-Exempt Revenue Bonds to Finance Senior Housing in the Braddock District
The Fairfax County Redevelopment and Housing Authority (FCRHA) recently issued tax-exempt multifamily housing revenue bonds in the amount of $8,000,000 to help support the development of 80 units of affordable housing for older adults in the Braddock District. The project will deliver a significant number of affordable independent living options for older adults in the highly cost-burdened Fairfax/Fairfax City area. The community will also be financed through the federal Low-Income Housing Tax Credit program administered by Virginia Housing.
“For many older adults who have lived in our community for years, limited retirement income is struggling to keep pace with rising housing costs, and limited options exist for affordable living accommodations near family, friends, care providers, and many other supports and conveniences they have come to rely on,” said FCRHA Chairman Melissa McKenna. “The FCRHA is proud to utilize its bond-issuing authority to support APAH’s Braddock Senior development that will add to the opportunities available for older adults to age in place.”
The Braddock Senior Apartments, developed by the Arlington Partnership for Affordable Housing (APAH), will be located on the former site of the Northern Virginia Training Center, and will serve adults ages 62 years and older with incomes ranging from 30 to 60 percent of the area median income (AMI).
The community will feature:
In-unit washers and dryers
Energy efficient appliances
Free high-speed Wi-Fi
Fitness room / wellness suite
Supportive bi-lingual services to support health, well-being, financial stability, and community engagement
Universal design standards for all units (11 percent of the units UFAS/ANSI Type A accessible)
“Braddock Senior is part of a larger effort by APAH to respond to the growing needs of Seniors across Fairfax County and the greater Washington, DC region,” said Carmen Romero, APAH President and CEO. “This project shows that Fairfax County continues to be a regional leader with its investment in affordable housing, and APAH is committed to helping the County reach its affordable housing targets in the years ahead. We are thrilled to see Braddock Senior come to life, but we are most excited about the soon-coming benefits, accessibility, comfort, and security its residents will feel.”