(RECAP: Homeowners, renters and real estate agents around Washington, D.C. and Northern Virginia have all been asking the same question for the past month: How will Amazon affect housing values, rents and sales? The answer, according to a panel of housing experts at a George Mason University panel this week: The effect will be geographically dispersed and gradual.)
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(RECAP: The Alexandria City Council on Nov. 17, unanimously approved an 81-unit multifamily affordable housing project, which will be built on Fairlington Presbyterian Church property in partnership with Wesley Housing, a nonprofit affordable housing developer. The total development cost for the affordable housing building and related infrastructure improvements is estimated to be around $38.2 million. Wesley Housing has requested a loan of up to $7.65 million from the City’s Housing Opportunities Fund; this loan amount includes a predevelopment loan approved by City Council in June 2017. Other funding sources include approximately $20 million in 9% low income housing tax credit equity from the federal government administered through Virginia Housing Development Authority, a $9 million first trust loan, and $1.6 million in deferred developer fees.)
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(RECAP: A proposal to rezone land to build an affordable housing complex in Norge cleared a hurdle Wednesday, when the James City Plotting Commission voted to recommend the proposal. The commission voted 5-2 to recommend the application, contingent on the Board of Supervisors’ acceptance of the easement included with the application. The easement includes environmental mitigation, a commitment to develop the property in line with the Virginia Housing Development Authority’s Low Income Housing Tax Credit Program, and traffic improvements.)
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