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128 Units of Affordable Housing Preserved in Fairfax County Wesley Housing to Renovate Units,
Wesley Housing’s renovation plans for this Section 8 property include: new kitchens and baths; replacing roofs as needed; energy efficient upgrades, such as with the HVAC systems; and a modernizing, exterior face lift that includes Hardi Plank Lap Board siding; and a new entrance to the community center. Wesley Housing will be meeting Earthcraft requirements as the green building standard for this renovation project. In addition to the unit renovations, Wesley Housing will be enlarging and upgrading the onsite Resource Community Center, which it has operated since 1980. The space will be doubled and residents will also now have a separate computer lab for use in the educational, social, and professional development programs and activities at Strawbridge Square. With construction now underway, Wesley Housing will be preserving the community’s affordability for an additional 35 years, with 30% of units at 50% Area Median Income (AMI) and 70% of units at 60% AMI. After the tax credits have been satisfied in 15 years, Wesley Housing has the right to purchase the property so as to continue to protect its affordability long-term. “Strawbridge Square is unique because of its large family-sized units, especially the townhomes. For a large family, the only alternative is a single family home at a much higher rent,” explained Shelley S. Murphy, Wesley Housing’s CEO. “Based on the very long wait list we have, the demand for affordable family units is high. The loss of this property to market-rate conversion would have been devastating to the families in Fairfax County who depend on Strawbridge Square for a decent place to live.” Wesley Strawbridge LP closed on financing and acquired Strawbridge Square Apartments on June 25, 2009. The Virginia Housing Development Authority is investing $10,500,000 in construction and permanent financing for the project through its Standard Loan and SPARC/REACH Programs. “Partnerships are the key to solving difficult housing issues across Virginia,” said VHDA Executive Director Susan F. Dewey. “We are pleased to help make Strawbridge Square Apartments a reality through the combined resources of Wesley Housing, Fairfax County, and VHDA. I look forward to this development providing much-needed affordable housing opportunities here in Alexandria for many years to come.” Fairfax County Redevelopment Housing Authority (FCRHA) also provided a $5,040,000 loan to the project. The loan also has a term of 35 years and was made through the County’s Section 108 Program (CDBG). “The acquisition of Strawbridge Square is important because it will preserve this vital property as affordable housing long into the future,” said Paula Sampson, Director of the Fairfax County Department of Housing and Community Development, “and is the reason the County has made this significant and strategic investment.” The remainder of the financing for this project came through Boston Capital via $9,359,064 in tax credit equity to the project. Wesley Housing acquired the land rights in 1977, from the Vernon M. Lynch Sons Partnership after obtaining rezoning and federal assistance. Of the 20 acres purchased for $1.00, the organization donated 10 acres along Turkey Cock Run to the Fairfax County Park Authority for recreation. Wesley Housing then offered a ground lease for an affordable housing community and co-developed Strawbridge Square in 1979. Thus, preserving this community brings Wesley Housing full circle in its 35 years of affordable housing development. “In this industry, we are in dire need of production. But when you cannot produce in hot, constrained markets like the Washington, DC Metropolitan area, preservation becomes paramount,” stated Leslie A. Steen, Wesley Housing’s Vice President of Real Estate. “The loss of every affordable housing unit to market-rate conversion only makes a critical housing situation worse. We are very thankful to VHDA and Fairfax County for helping us to preserve Strawbridge Square.” ### Wesley Housing Development Corporation’s mission is to develop, own, operate, preserve, and maintain affordable housing and sustain quality communities for low- and moderate-income persons in Northern Virginia. The Virginia Housing Development Authority is the state’s mortgage finance agency. Created in 1972 by the Virginia General Assembly, its mission is to help low- and moderate-income Virginians attain quality, affordable housing. The mission of the Fairfax County Redevelopment Housing Authority is to initiate and provide opportunities for Fairfax County residents to live in safe, affordable housing and to help develop, preserve, and revitalize communities.
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