The Fairfax County Redevelopment and Housing Authority (FCRHA) has approved the issuance of multifamily housing revenue bonds in an amount not to exceed $22.5 million as part of the overall financing plan for the Ovation at Arrowbrook development. The project will provide a total of 274 affordable housing units in the Dranesville District.
“These revenue bonds represent a final component to what is an extraordinarily innovative financing plan,” said Dranesville Commissioner Melissa McKenna. “We are very excited to have been able to take this and several other measures to support a critical project that will bring price-appropriate housing for some of our most vulnerable households in such an accessible, advantageous and hospitable location in the Herndon community.”
This bond issuance is the latest in a series of actions taken by the FCRHA to aid in the financing of the Ovation at Arrowbrook Development, including
The approval of $7.74 million in local Housing Blueprint funding
Awarding 8 Project-Based Vouchers
Awarding 6 State Rental Assistance Program Project-Based Vouchers
The closing on the financing for the project, including the FCRHA revenue bonds, is anticipated to take place in December 2020.
About Ovation at Arrowbrook
The Ovation at Arrowbrook project is located in a highly desirable area in Herndon and is part of the Arrowbrook Centre mixed-use development. The collective development includes Arrowbrook Centre Park, a for-sale townhome and condominium community (Pulte) and future high-rise hotel/office/condominium buildings located within a mile from the Innovation Metro Station.
The 274 apartments to be constructed will serve as committed affordable housing for households earning between 30 and 60 percent of the area median income and are anticipated to remain affordable for a minimum of 50 years. The apartments will include 55 three-bedroom units – a feature in high demand in the Herndon/Reston area – as well as 15 ADA complaint units. The development will also include green building, universal and sustainable design features and Earthcraft design features.