To avoid seeing another affordable housing property transformed into market rate housing in the City of Fairfax, Virginia, County, CPDC acquired the Suburbia Fairfax community under the Low-Income Housing Preservation and Resident Homeownership Act of (LIHPRHA) in 1996.
LIHPRHA was enacted to preserve affordable housing built 20 or more years earlier under several US Department of Housing and Urban Development (HUD) programs. As a seasoned non-profit developer, CPDC was designated a Priority Purchaser and was able to invest in apartment communities that were vulnerable to conversion to market-rate rental and condominium housing.
CPDC formed a subsidiary non-profit to acquire and operate the property. The new non-profit assumed the Section 8 contract and the HUD-insured first mortgage. It also received a capital grant from HUD to pay transaction costs, minor modifications needed to bring the property into compliance with Section 504, and to fund future repairs.
OWNER/DEVELOPER/SPONSOR
Suburbia Fairfax Preservation Corp.
CPDC
FUNDERS: TYPE: HUD Section 236
LIHPRHA Capital Grant
Section 8
DEVELOPMENT TYPE: Acquisition, Multifamily/GA
RESIDENTIAL PROFILE:
Low-income, multi-family
DENSITY: 54 units 3.1 acres
DEVELOPMENT PROFILE
Type #/Units
1 BR / 12
2 BR / 42
AMENITIES
Community Laundry, Recreation Area for Children
CONSTRUCTION TYPE
Mid-Rise
DEVELOPMENT COSTS
$2.9 Million
For more information about the CPDC 's Real Estate Division, how you can help or get involved, please contact CPDC.
