The Fairfax County Board of Supervisors took a significant action to support affordable housing in the Virginia county on Tuesday.
In a 9-1 vote, the board approved a $3 million bond issue to fund and complete the Ovation at Arrowbrook housing development near the Innovation Center Metro station in Herndon. This decision covers a $3 million funding gap Fairfax County said was assembled by “supply change shortages resulting from COVID,” according to county documents.
- More Local News
- More Fairfax County News
- More Affordable Housing News
- More Business and Finance News
The funds will be reimbursed by the Fairfax County Redevelopment and Housing Authority, using money from the project.
The 274-unit project, which includes 148 units under the federal Low Income Housing Tax Credit program, is under construction and over 70% complete.
“This is exactly the type of transit-centered, high-quality affordable developments we are building in every corner of the county,” wrote Chairman Jeff McKay in a newsletter. “The work to ensure every resident of Fairfax County can live and work here is a nonstop focus of the board.”
The county has goal of 10,000 affordable housing units by 2034. Currently, McKay says there are 4,000 that have been completed or are in the pipeline.