Residents of Lake Anne Fellowship House will soon benefit from new facilities after a company closed on a $86 million deal.
The new development will be located on empty property adjacent to the existing building and create 240 affordable apartments for low-income residents, according to a press release.
Amenities at the new location will include a fitness center, an arts and crafts room, a social hall, a sunroom, a game room and an outdoor terrace and wellness clinic.
To fund the project, “Fairfax County Redevelopment and Housing Authority awarded the project 122 project-based vouchers with HUD providing the rest,” the press release said. “The project financing incorporated $46.5 million in tax exempt bond financing from the VHDA as well as a $700,000 loan from the Virginia Housing Trust Fund.”
Other sources of funding came from Capital One, Fairfax County Redevelopment and Housing Authority, the Enterprise Community Loan Fund and Enterprise Community Development, according to the press release.
The pre-existing building will be demolished and sold for townhomes once all the existing residents are transferred over to the new facility, the press release said.
A groundbreaking for the project is expected to be held later this year. Development will likely open in June 2022.
Photo via handout/Reston Association