PDC Virginia Housing Grant Program
Affordable Housing Grant Program reaches the halfway point.
NVRC submitted its annual report for Year Two of the PDC Virginia Housing Grant Program making this the perfect opportunity to provide an update on progress of this affordable housing development activity.
The award from Virginia Housing made to NVRC in July 2021 originally was planned to be a 3-year program. Given pandemic delays and start-up time for Planning District Commissions (PDCs) new to housing development like NVRC, Virginia Housing later extended the project period to run four years ending June 30, 2025.
At the halfway point in the grant timeline:
- Ninety-eight of 337 affordable units associated with this funding (29%) have been delivered. The remainder are under construction or in predevelopment activities. Arlington Partnership for Affordable Housing developed the completed rental units called Loudoun View Senior in Sterling, Virginia.
- $2.2 million, or three-quarters of the award disbursed so far has underwritten predevelopment, acquisition, construction, and project management expenses.
- By far the largest proportion of funds, nearly 80%, has reimbursed predevelopment and soft costs which include items such as legal and architecture fees, building permits, environmental reviews, and construction management. Increases in sewer/water tap fees by one water authority affected four of six grant recipients.
- Construction costs represent about 10% of reimbursements so far, with acquisition costs (6%) and project management costs (4%) making up the remainder.
- Funds disbursed thus far have already leveraged $45.7 million in other developer and NVRC general funds for a 20 to 1 return on investment.
In addition to Loudoun View Senior, these projects are forthcoming –
- Cornerstones/Wellington Development’s Tuscarora Crossing Apartments features 180 affordable rental units, with some units paired with support services for formerly homeless tenants. Located in the Leesburg area of Loudoun County, units have an anticipated delivery date in mid-2025.
- DC-NOVA Habitat for Humanity is building three 4-bedroom single family homes in the Mt. Vernon district of Fairfax County. The three first-time homebuyer families who will buy these homes have expected move-in dates in the fall 2023.
- Housing Alexandria, Seminary Road Townhomes and Flats project includes 15 first-time homebuyer townhomes and condo flats assisted with these funds. Anticipated delivery is mid-2025.
- Loudoun Habitat for Humanity is building a duplex in the Town of Leesburg that will offer homeownership to two modest income families. This project features modular construction which has a 90-day construction timeline. Anticipated delivery is mid-2024.
- Green Street Housing/Good Works Waxpool Apartments will provide 39 affordable rental units assisted with these funds, in Ashburn. Anticipated delivery in the winter 2023.