If everything goes according to plan, the all-affordable housing complex planned near the Spring Hill Metro station in Tysons could break ground this December.
The Fairfax County Redevelopment and Housing Authority will issue up to $99 million in tax-exempt bonds to support construction of half of the Dominion Square project, which will deliver over 500 apartments for households earning 60% or less of the area median income (AMI).
The bonds were formally authorized yesterday (Tuesday) by the Fairfax County Board of Supervisors, a vote that county staff said was needed to keep the project on track to close financing in December.
“This is not the last time we’re going to see this project,” Hunter Mill District Supervisor Walter Alcorn said. “As it comes through the process, there are a number of issues that are being worked out, and hopefully, we can keep this on schedule and get these units built and occupied as soon as possible.”
The county is currently reviewing a site plan after the planning commission approved the project on Feb. 15. Arlington Partnership for Affordable Housing (APAH), the nonprofit developer, will also likely seek a parking reduction next, according to Alcorn’s office.
Part of a larger financing package for the development that includes $55 million from Amazon, proceeds from the newly authorized bond sales will specifically fund a 265-unit multifamily residential building now known as the “North Four Building.”
The North Four is one of two 21-story buildings that APAH will build to replace an auto dealership parking lot at 1592 Spring Hill Road. The other building — dubbed the “South Four” — will have 251 units with a community center on its ground floor.
According to a county staff summary, all 516 units will be priced at rates affordable to residents earning between 30 and 60% AMI. Based on fiscal year 2022 income levels, rents would range from $801 to $2,486, depending on the AMI and number of bedrooms.
In addition to the community center, which will be managed by the county, expected amenities include an outdoor courtyard, playground, business center, bicycle storage, a meeting room, and support services for residents — potentially including emergency cash support and legal, financial and medical assistance.
APAH says it has a total of $153.9 million for North Four and $144.1 million for South Four, per a financing plan. The nonprofit will lease the land from the county housing authority for 85 years.
“Dominion Square represents APAH’s commitment to meet the need of affordable housing across the region,” APAH said in a statement. “We are thankful to the Fairfax County Board for their support and authorization of bond financing. This critical step ensures Dominion Square receives the funding necessary to get this building built and provide opportunity for the residents that will call it home.”
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