On Thursday, Dec. 14, 2017, the Fairfax County Redevelopment and Housing Authority (FCRHA) approved paying off the existing mortgage loan balance for the Minerva Fisher Hall Group Home on Thursday, Jan. 4, 2018.
In 1979, the FCRHA entered into a mortgage loan with the Virginia Housing Development Authority (VHDA) in the amount of $437,157. Although the current loan is set up to mature in June 2019, paying off the loan early will result in substantial cost savings associated with administrative and audit fees required to support the mortgage loan with VHDA.
“The FCRHA is committed to being good stewards of taxpayer dollars,” said Robert Schwaninger, Chairman of the FCRHA. “Paying off the loan for Minerva Fisher will reduce expenses and allow for more resources that will help further our mission.”
The Minerva Fisher property consists of a one- story building with 12 single bedrooms serving developmentally disabled adults. The property is owned by the FCRHA and is operated by the Fairfax-Falls Church Community Services Board.