Apartments at North Point
Cornerstones took ownership of the The Apartments at North Point in 2015 before the 30-year period of this tax credit deal expired. In doing so, they preserved 48 units of affordable housing for low and moderate income families. This development is a garden style apartment community located less than four miles from the new Silver Line in Reston. In the future, Cornerstones plans to set aside up to 25% of the units in the property to serve families with incomes at or below 30% of AMI.
The project is unique in terms of community and business partner support. Community partners including the office of Supervisor Cathy Hudgins and the Reston Association CEO Cate Fulkerson were strong advocates for the determined Cornerstones effort for the preservation of this valuable affordable housing asset. Financial supporters and investors included the Freddie Mac Foundation, Wells Fargo Bank and the Fairfax County Redevelopment and Housing Authority as they joined together to compliment and facilitate the financing of the Apartments at North Point.