February 24, 2024

Housing Finance Development

It's Your Housing Finance Development

516-Unit Affordable Housing Development In Tysons Breaks Ground

TYSONS, VA — Fairfax County officials, business leaders, and affordable housing advocates gathered in Tysons Tuesday morning to break ground on The Exchange at Spring Hill Station. When completed, the 20-story mixed-use building will add 516 residential units to the county’s affordable housing stock.

“This groundbreaking marks a significant step forward in our commitment to providing affordable housing options at-scale in an area of incredible opportunity,” said Carmen Romero, the CEO and president of affordable housing developer APAH. “The significance of this project is not lost on us — bringing the first 100 percent affordable deal to Tysons, a thriving, rapidly expanding community. The residents who will call The Exchange home will have access to a vibrant and rapidly growing community full of opportunity and resources. Yes, where you build matters, but who you build for matters just as much.”

Located at short walk from Metro’s Spring Hill Station, The Exchange will include 112 one-bedroom units, 306 two-bedroom units, and 98 three-bedroom units at different levels of affordability.

Area Median Income (AMI) 30% 50% 60% $70
Equivalent Income $43,549 $72,582 $87,098 $101,614
Number of units 100 125 60 116

The numbers in the table are based on the county’s current AMI of $145,164, according to the Fairfax County Economic Development Authority.

“Despite its economic muscle, Tysons has remained out of reach for many who work here to also live here,” Fairfax County Board of Supervisor Chair Jeff McKay said, stressing the importance of bringing affordable housing to Tysons. “That is why the groundbreaking of The Exchange at Spring Hill Metro is so important. We are providing homes for those who fuel the local economy. In order to remain the economic hub of Fairfax County, Tysons’ workers need to have the opportunity to live near where they work.”

The Exchange will also include 100 project-based voucher units and a 30,000-square-foot community center, operated by Fairfax County Neighborhood and Community Services. The facility will offer a basketball court, fitness center, and county-run programming that will be free and open to the public.

Hunter Mill Supervisor Walter Alcorn, whose district the building is located in, told Patch on Wednesday he was pleased that Tysons would be getting its first fully dedicated affordable housing community.

“This will not only provide needed housing for hundreds of working families, it will also mean a 30,000 sf Fairfax County community center – another first for Tysons that will be an amenity for future residents at the Exchange and also for the broader Tysons community,” he said.

The Exchange at Spring Hill is being financed via two 4 percent Low Income Housing Credit loans. While Virginia Housing is providing a construction loan for permanent financing, Bank of America and Freddie Mac had teamed up to provide construction and permanent financing of more than. $227 million.

In addition, the Fairfax County Redevelopment Housing Authority issued bonds and the county was providing gap funding to pay for the land and lead the development of the community center.

“Affordable housing is a team sport,” said FCHRA Chair Lenore Stanton. “The building materials for The Exchange at Spring Hill Metro include a wide variety of finance and development tools utilized by many partners and the FCRHA team. The result is a reimagination of this property into more than 500 new, affordable homes. But more than that, by co-locating the Tysons Community Center here, we are also building a place where people can come together to socialize and learn, within walking distance to the Metro station.”

An additional $89 million was being provided by the Virginia Department of Housing and Community Development Governor’s pool bond allocation, with the Virginia Housing Trust Fund and Housing Innovations in Energy Efficiency providing gap funding.

Thanks to a $56 million investment from Amazon’s Housing Equity Fund, APAH will be able to build all 516 apartments all at once, which should speed up the construction timeline. If all goes as planned, the project is expected to be completed in four years.

“As the first 100 percent affordable multifamily development in Tysons, The Exchange at Spring Hill Station will provide residents with easy access to transit, access to some of the best schools, jobs and amenities in the region, all in the highly desirable Tysons community,” said Senthil Sankaran, managing principal, Amazon Housing Equity Fund. “We’re grateful for the opportunity to collaborate with APAH, with Fairfax County, Virginia Housing and the Governor’s office to support the creation of 516 new, family-friendly affordable homes.”


Caption:

From left, Tom Fleetwood, Fairfax County Redevelopment and Housing Authority; Bill Curtis, Virginia Department of Housing and Community Development; Tammy Neale, Virginia Housing; Chair Lenore Stanton, Fairfax County Redevelopment and Housing Authority; Supervisor Dalia A. Palchik, Providence District; Supervisor Walter L. Alcorn, Hunter Mill District; U.S. Congressman Connolly, Virginia’s 11th District; Carmen Romero, APAH; Senthil Sankaran, Amazon Housing Equity Fund; Larry Di Rita, Bank of America; Katie Cristol, Tysons Community Alliance; Matt Birenbaum, APAH Board.

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