The county plans to close on a long-awaited workforce housing development in Herndon this fall.
Construction on the 274-unit project, which is located south of the Dulles Access Road, will be completed in the summer of 2022.
The apartment building is located in the Arrowbrook Centre, a mixed-use project that includes Arrowbrook Centre Park, for-sale townhomes and condominiums and office buildings.
Once construction is completed, roughly $7.7 million in Housing Blueprint funds will be issued. The Fairfax County Housing Redevelopment Authority will also issue roughly $22 million in bonds for the transaction this summer. Closing is expected in the fall.
“We’re really excited about this one,” said Tom Fleetwood at a Fairfax County Board of Supervisor’s housing committee meeting earlier this week.
The rental community targets households with incomes at or below 30, 40, 50 and 60 percent of the area median income (AMI). The county will provide 14 units using state and federal vouchers that target households at 40 percent of the AMI. Half of the remaining units will be financed through Low Income Housing Tax Credits.
Units will vary between 422 square feet for studio sand 1,305 square feet for three-bedroom units.
A Feb. 2019 market feasibility analysis noted that Arrowbrook Centre is located in a market area. That is “younger, affluent section of an equally affluent county.” Roughly 40 percent of the primary market area’s renters are young adults under the age of 35, according to the report.
Image via handout/Fairfax County Government