(RECAP: The Alexandria City Council on Nov. 17, unanimously approved an 81-unit multifamily affordable housing project, which will be built on Fairlington Presbyterian Church property in partnership with Wesley Housing, a nonprofit affordable housing developer. The total development cost for the affordable housing building and related infrastructure improvements is estimated to be around $38.2 million. Wesley Housing has requested a loan of up to $7.65 million from the City’s Housing Opportunities Fund; this loan amount includes a predevelopment loan approved by City Council in June 2017. Other funding sources include approximately $20 million in 9% low income housing tax credit equity from the federal government administered through Virginia Housing Development Authority, a $9 million first trust loan, and $1.6 million in deferred developer fees.)
Skip to content
Bridge Loan Direct – California's Premier Hard Money Mortgage, Private Money, and Bad Credit Bridge Lenders!