Affordable Housing Project For Tysons Receives Financing From Fairfax County

TYSONS CORNER, VA — Fairfax County Board of Supervisors unanimously approved a motion on Tuesday to authorize more than $33 million in loans to assist in the development of an affordable housing project in Tysons Corner.

Fairfax County Redevelopment and Housing Authority (FCRHA) is now authorized to make Housing Blueprint loans of $33,051,534 to help finance the development of 175 affordable multifamily housing units as part of the Dominion Square West Phase 1 project.

"This 175 unit Dominion Square West building will be a significant and positive step forward in providing affordable housing for working families close to Metrorail," said Hunter Mill District Supervisor Walter Alcorn, who introduced the measure.

The project will consist of a nine-story, concrete and steel, high-rise building located on 2 acres of land at 1592 Spring Hill Road in Tysons.

"This is within the quarter mile of the Spring Hill Metro Station," Alcorn said. "This important project will provide much needed housing for families and individuals working in Tysons and it locations all along the Silver Line and beyond."

Occupancy of Dominion Square West will be restricted to households with incomes of below 30 percent to 60 percent of the area median income (AMI). The project is also expected to include an award of 40 project-based vouchers, which will support residents who earn less than 50 percent of AMI.

“When the Board of Supervisors adopted the updated Comprehensive Plan for Tysons in 2010 it included a call for developers of commercial properties to make a contribution to affordable housing in Tysons at $3 per square foot," Alcorn said, in a release. "This is the first such affordable housing proposal to use these proffered funds and I look forward to the life-changing impact these new homes will have on working families succeeding and thriving.”

The resolution, which the board passed on a 9-0 vote, authorizes FCRHA to provide a $22,081,534 subordinate loan from the Housing Blueprint and Housing Proffer Contributions – Tysons to the Arlington Partnership for Affordable Housing, Inc. An additional $10,970,000 in American Rescue Plan Act (ARPA) funding will be used as an equity investment by FCRHA through fee simple ownership of the land.