319 Affordable Homes in Fairfax County to be Renovated
SCG Development and the Fairfax County Redevelopment and Housing Authority (FCRHA) announced the financial closing and preservation of Creekside Village Apartments, an affordable housing community that is located at 7979 Janna Lee Avenue in Alexandria.
Originally built in 1976, Creekside Village Apartments consists of 29 buildings on a seven-acre parcel. It was acquired (through a long-term ground lease) and renovated by JLV Partners in 2007 using the Low-Income Housing Tax Credit (LIHTC) program, Virginia Housing mortgage loans, and loans from the FCRHA. The FCRHA leased the land to JLV Partners.
“Having worked on the original preservation of Creekside as staff and as Franconia District Supervisor, I am deeply gratified that this important affordable property will be renovated and available to serve the community for decades to come,” said Board of Supervisors Chairman Jeff McKay.
SCG Development Partners and AHP Virginia recently closed on the financing to acquire the property and will begin a comprehensive renovation while preserving the affordability of all 319 units. Renovations are expected to include energy efficiency upgrades to building interiors and exteriors. The preservation of the property will result in deeper affordability of many of the homes. The new capital stack includes Virginia Housing mortgage loans, subordinate financing from FCRHA, 4% LIHTC equity from Truist Community Capitals, and a seller loan.
“Preserving affordable housing is an important part of our mission to create a Fairfax County everyone can afford to call home. Creekside Apartments is an innovative example of preservation as we are extending its access to those with lower incomes,” said Lenore Stanton, Chair, Fairfax County Redevelopment and Housing Authority.
“Creekside Village Apartments is another example of SCG Development’s commitment to preserving and creating housing that is affordable in Fairfax County. We are eager to get the renovations started,” said Steve Wilson, President of SCG Development.