Public Comments Welcome on Proposed Substantial Amendment to the FY 2025 One-Year Action Plan for Section 108 Loan Defeasance

Fairfax County’s Department of Housing and Community Development (HCD) is seeking public comment on a proposed substantial amendment to the County’s One-Year Action Plan for Fiscal Year 2025 (“FY 2025 Action Plan”) activity budgets to allow for early defeasance of the County’s last remaining Section 108 loan debt. The Section 108 program, provides federal Community Development Block Grant (CDBG) recipients with the ability to leverage their annual block grant allocations to access low-cost, flexible financing for economic development, housing, public facility and infrastructure projects. In 2011, the Board of Supervisors (Board) pledged future CDBG funds for the payment of annual premiums due on Section 108 loan program proceeds that totaled $6.5 million and was used for affordable housing development and preservation, and for neighborhood and community improvements activities.

The County now has an opportunity to use roughly $2.095 million in available funding for the early defeasance, or payoff, of the last remaining Section 108 loan debt. The County allows approximately $170,000 in interest savings over the remaining term of the debt and allows future CDBG grant funds to be allocated to other eligible housing and community development activities. This proposed amendment to the FY 2025 Action Plan will increase funding for the Section 108 Payment activity by the amount necessary for early loan defeasance. This public comment runs from Nov. 26, 2024, through Jan. 13, 2025.

Review Public Notice and Proposed Amendment

Available online: https://bit.ly/HCD-Public-Comment (or scan QR code above).

Physical copies are available during regular business hours at the information desks of the Fairfax County Government Center (12000 Government Center Pkwy, Fairfax), the Gerry Hyland Government Center (8350 Richmond Hwy, Alexandria), the Department of Housing and Community Development (3700 Pender Dr., Fairfax), each Fairfax County Public Library branch.

Provide Public Comments

Fairfax County HCD welcomes comments and feedback on the proposed substantial amendment from members of the community through the following methods:

• Online: https://bit.ly/HCD-Public-Comment

• By e-mail: DHCDGrants@fairfaxcounty.gov

• By U.S. Mail or Hand Delivery (use gray drop box located at the front entrance):

  
  

  Fairfax County HCD, ATTN: Jenny Hsu, 3700 Pender Drive, Fairfax, VA 22030
  

All comments must be received by 4:30 p.m. on January 13, 2025.

Questions may be directed to 703-246-5259.