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F.C. Council OK’s $ for Affordable Home Buys

By a unanimous vote, the F.C. Council Monday OK’d an amendment to the FY 2022 budget allocating $1,935,000 in capital reserve funds to the Economic Development Authority (EDA) for the purchase and preservation of two market-rate affordable apartment buildings with a total of eight units.

The two four-plexes are located in the nest of such buildings that are known as the Virginia Village on S. Maple St.

It comes as the City staff is working on partnering with a non-profit developer to prepare an application for Round 3-5 Amazon “Reach” funds to develop a City of Falls Church Affordable Housing Acquisition Strike Fund with the goal of providing grants or low-cost loans to purchase and preserve the limited remaining market rate affordable multifamily rental housing in F.C.

The Amazon deadline has been extended to late September, so the “strike fund” has not yet been established.
Still, all the units acquired through the “strike fund” will include the conversion from market rate to committed affordable rental housing.