FCRHA Authorizes Funding to Help Acquire Units for Affordable Rental Housing

The Fairfax County Redevelopment and Housing Authority (FCRHA) has authorized deferred loans to two local nonprofit organizations using federal Community Development Block Grant (CDBG) funds. These funds will provide:

Cornerstones Housing Corporation (CHC) with $300,000 to acquire and renovate one (1) or more housing units in Fairfax County. CHC may use up to $37,500 of the award for renovation of the acquired unit(s), but at least $262,500 will be used for acquisition of the unit(s). The housing is to be used to provide affordable rental housing for households with incomes at or below 30 percent of the Area Median Income (AMI). CHC will give preference to households that include persons with special needs who can be reasonably accommodated.

Good Shepherd Housing and Family Services, Inc. (Good Shepherd) with $404,500 to acquire and renovate two (2) or more units of housing in southern Fairfax County. Good Shepherd may use up to $50,560 for renovation of the acquired units, but at least $353,940 will be used for acquisition of the units. The housing will be used to provide long-term supportive rental housing for households at or below 50 percent of AMI. The residents of the acquired housing will receive supportive services from Good Shepherd to promote self-sufficiency.