Friday, July 17, 2009

FCRHA Provides Financing to Preserve Strawbridge Square

The Fairfax County Redevelopment and Housing Authority (FCRHA) provided $5,040,000 in federal Community Development Block Grant (CDBG) funds to Wesley Strawbridge, L.P. for the acquisition and rehabilitation of the 128-unit Strawbridge Square Apartments.  The project, located in the Mason District, will provide 127 affordable units for households with incomes up to 50 percent and 60 percent of the Area Median Income.  Six of the units will be fully accessible for persons with disabilities.  When completed, the property will feature upgrades in kitchens, bathrooms, Heating Ventilating and Air Conditioning (HVAC) systems, energy efficient appliances and other interior and exterior improvements.

Virginia Housing Development Authority (VHDA) provided $10.5 million in debt financing for the project and $9.39 million in low income housing tax credits.