Tysons Tower to Be Renovated

(RECAP: Love Funding, one of the nation’s leading providers of FHA multifamily, affordable and healthcare financing, announced the closing of a $19 million loan that will help preserve and refurbish an affordable senior housing community in Vienna. Tysons Tower was built in 1976 by The Fairfax Education Association Retirement Housing Corporation (FEARHC) to provide affordable housing for senior residents. Part of VHDA’s affordable housing stock, the property was in need of major facility upgrades and its existing rental assistance contract was set to expire in 2017. FEARHC wished to ensure that the 274 units continue to be reserved for those aged 62 or older and who earn 80 percent or less of the area’s median income. Love Funding Director Ann Bolen was able to secure the new loan through the VHDA, after securing a commitment from HUD’s Rental Assistance Demonstration (RAD) program for a new 20-year Project Based Rental Assistance (PRBA) contract on 100 percent of the units.)