ALEXANDRIA, Va. — The Arlington Partnership for Affordable Housing (APAH), along with development partners and Fairfax County officials, has cut the ribbon on Oakwood Meadow Senior Residences.
The affordable housing development for independent seniors is located in Alexandria and offers 150 one- and two-bedroom apartments for qualifying adults age 62 and older who earn between 30 and 60 percent of the area median income (AMI).
Located on a site that was formerly a stormwater retention pond, this project demonstrates a public-private partnership between APAH and Fairfax County Redevelopment and Housing Authority (FCRHA).
“Oakwood Meadow shows that underutilized, vacant public property can be transformed into something beautiful that serves the people of our community,” says Jeffrey C. McKay, chairman of the Fairfax County Board of Supervisors. “It also is an example of how affordable housing is — and can be — everywhere across Fairfax County.”
In addition to the contribution of public land, Fairfax County and the FCRHA invested $5.25 million in local Housing Blueprint funding, nearly $12.6 million in bond financing, and awarded project-based vouchers. Additional financing includes both 4 and 9 percent Low-Income Housing Tax Credits awarded by Virginia Housing and nearly $30 million in equity investments from Bank of America.