FCRHA to Provide Boost in Facilitating Redevelopment of Historic Building to Fill Community Needs in Southern Fairfax
At the November 19 meeting of the Fairfax County Board of Supervisors, the Board approved several actions involving the Fairfax County Redevelopment and Housing Authority (FCRHA) to provide a major source of financing to support the redevelopment of the Original Mount Vernon High School in the form of Virginia Historic Rehabilitation Tax Credits (VHRTC).
In order to be eligible for VHRTCs, an entity such as a limited liability company must be formed in order to acquire a legal property interest in the project – a power not specifically granted to county government under Virginia law. The FCRHA, however, does have this authority to form such a structure. By forming a limited liability company structure, the FCRHA will enable approximately $55 million of the $80 million in anticipated project costs to be eligible for VHRTCs – yielding an anticipated $13 million. Under the structure of the deal, the financial, construction, and management obligations to redevelop OMVHS will ultimately fall upon the County either directly or indirectly.
“This is an excellent example of the creativity and flexibility the FCRHA affords Fairfax County in redeveloping county assets in order to better meet the diverse needs of a growing and evolving community,” said Tom Fleetwood, Director of the Department of Housing and Community Development.
The vision of the project is to leverage the historic former high school structure to build communities of opportunity, create career pathways, connect different generations and better integrate residents into the economy. Click here for additional project information.