By a unanimous vote Wednesday night, the Falls Church Economic Development Authority (EDA) approved its acquisition of a four-plex residential property on S. Maple Ave. that will provide affordable housing for four households in the City.
The deal, which came about suddenly last week, was carried out in conjunction with an initiative by local developer Bob Young of the Young Group who seized quickly on the opportunity to acquire the building in order to make it available to the EDA in advancement of its affordable housing agenda.
The terms were reached to result in a positive cash flow for the EDA. City Manager Wyatt Shields and City Attorney Carol McKoskrie were in tonight’s meeting to add their blessings to the outcome.
