Re-financing of Wedgewood Apartments

At its meeting on July 18, 2019, the Fairfax County Redevelopment and Housing Authority (FCRHA) approved the issuance of Revenue Refunding Bonds as part of a refinancing plan for Wedgewood Apartments in the Mason District. Prior to this action, the Fairfax County Board of Supervisors approved the FCRHA’s request to issue the bonds to achieve debt service savings at the property. Wedgewood Apartments was purchased by the Fairfax County Board of Supervisors on November 28, 2007. The 672-unit property in Annandale was purchased as part of the County’s affordable housing preservation initiative and has served households with initial maximum incomes up to 50 percent, 60 percent and 80 percent of Area Median Income (AMI).With the refinancing of the property through the Revenue Refunding Bonds, it is anticipated that the annual debt service payments for the property will be reduced by approximately $780,000. This annual projected savings will remain in Fairfax County’s Penny for Affordable Housing Fund and will be repurposed for other affordable housing projects in Fairfax County.The action help to fulfill critical items in Phase 1 of the Communitywide Housing Strategic Plan, which called for the development of strategies for the reinvestment of savings from the refinancing of Wedgewood and the Crescent property in the Hunter Mill District.