Financing Closed on Affordable Senior Housing Community; Construction Set to Begin
Updated: Oct 18, 2021
Fairfax County and the Arlington Partnership for Affordable Housing (APAH) have announced that financing has closed for the development of the Oakwood Residences – a 150-unit apartment community serving low- and moderate-income adults ages 62 and above. The development will be constructed, owned, and operated by APAH on a 6.2-acre site owned by the Fairfax County Redevelopment and Housing Authority (FCRHA) at the intersection of Oakwood Road and South Van Dorn Street in the Lee District.
According to the Fairfax County Communitywide Housing Strategic Plan, elderly households present the second greatest need for affordable housing in Fairfax County – behind small family households and singles. The county’s multi-faceted investment in the Oakwood project represents a substantial commitment to the ongoing development of affordable senior housing opportunities. In addition to allocating public land, the FCRHA also included $5.25 million in Housing Blueprint funding, nearly $12.6 million in revenue bond financing, and awarded eight project-based vouchers for the project.
“With the growing number of cost-burdened older adults who have lived and would desire to continue to live in Fairfax County, we must keep up our effort to ensure they have the opportunity to do so,” said FCRHA Chairman Melissa McKenna. “The Oakwood Residences is an outstanding example of the fruits of that work and of the strength that comes through public-private partnership to bring opportunities like this to fruition.”
APAH is set to begin construction on the project in the coming weeks. The facility will include a mix of one- and two-bedroom apartments and plenty of multipurpose common areas for use by residents as meeting areas, activity rooms, computer lab, library, and more.
“Our vision for the Residences at Oakwood is that of an engaging environment where older adults can enjoy the comfort, security and fulfillment of an active community,” said Carmen Romero, President and CEO of APAH. “We are very excited that this is our first partnership project with Fairfax County, and we look forward to many more.”
The groundbreaking for the Residences at Oakwood is scheduled for Thursday, October 21, 2021. For questions about this event please contact Benjamin.Boxer@fairfaxcounty.gov.