The redevelopment of Lake Anne Fellowship House, which has provided affordable housing for seniors in Reston fore more than 40 years, received a funding boost on Tuesday (June 5) .
Gov. Ralph Northam announced that the project will receive $700,000 in state gap funding, one of 17 projects in the state to tap into $11.1 million in affordable and special needs housing loans.
In a release, the loans will create or maintain 1,283 affordable housing units in the state. Northam made the announcement at American Legion Post in Arlington.
Loans were awarded through a competitive process by the Virginia Department of Housing and Community Development. Funding streams for loans include a combination of state and federal sources.
The state selected proposals from 29 applications requesting a total of more than $21 million. Proposals were scored based on funding availability.
“Through this program, we are providing the necessary financing to preserve and create safe and sustainable housing for many low-to-moderate-income Virginians,” said Secretary of Commerce and Trade Brian Ball in a statement.
Four other Northern Virginia projects received funding:
- $1.3 Million for the Residences at North Hill Bond 94
- $1 million for the Residences at North Hill Bond 47
- $700,000 for The Arden
- $700,000 for Virginia Square
The redevelopment of Lake Anne Fellowship House, which was approved in October last year, will preserve 240 apartments as affordable units for seniors for the next 30 years.
Approved plans call for replacing the existing apartments at Lake Anne Fellowship House with a modern building along North Shore Drive near the intersection with Village Road. The plan also include 36 market rate townhouses to help pay for the cost of senior housing.
The project is part of a partnership between Fellowship Square Foundation, which owns and operates Lake Anne House, and real estate developer Community Preservation and Development Corp.
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