Fx Co Acquisition Funding
Fairfax County’s Department of Housing and Community Development (HCD) will release an RFP in mid-July for approximately $6.8 million for a new multifamily development. The allocation combines funding from prior years, carryover and some new funding. Based on input from developers at a recent county forum, the process will move from a single deadline to a rolling application format. This favors proposals that are in the planning stage and ready to begin the development process. Funds will be awarded on a first-come-first-serve basis.
The County’s goals for this project include a preference for new construction of approximately 140 units, near major transit routes and job centers, with set-asides for formerly homeless and special needs populations. The maximum affordability level that the County will finance is 60% AMI (approx. $64,000 for a family of four).
This acquisition project is a major component of the FY 2017 Housing Blueprint, and comprises almost 49% of the net increase of units serving households at or below 60% of the area median income.
Also, Fairfax County will begin work on a Housing Affordability Master Plan in the fall to align with the goals and objectives of the County’s Economic Plan for Success.