Amazon Grants Awards City of Falls Church $3.75 million for Affordable Housing Initiatives by Virginia Housing; The NHP Foundation to Manage Program

NEW YORK, March 10, 2021 /PRNewswire-PRWeb/ -- The City of Falls Church has been selected by the Virginia Housing Development Authority (VHDA) to receive $3,750,000 in grants for affordable housing initiatives through the Resources Enabling Affordable Community Housing in Virginia (REACH) Virginia Program.

The City will receive $3,400,000 for a new affordable housing homeownership program and $350,000 to extend availability of nine committed affordable apartments at the Read Building (402 W. Broad St.).

"Ensuring affordable access to housing for all is a key priority for the City Council and our community as a whole," said City of Falls Church Mayor P. David Tarter. "We are delighted that Virginia Housing has awarded this grant, and appreciative to Senator Dick Saslaw (VA-35) for his efforts to bring this important program to the City."

The funding for this important investment is sourced from the state funding commitments made by Governor Northam in 2018, following Amazon's selection of Arlington County for its second headquarters location. These commitments, totaling $15 million annually for five years, will support affordable housing initiatives in Northern Virginia using the additional revenues generated from Amazon's headquarters presence in the Commonwealth.

"This grant award is a major step forward for the City in creating new affordable homeownership and preserving existing affordable housing," said Council Member Letty Hardi, who is also the Council liaison to the Housing Commission. "Homeownership has been increasingly out of reach for many, and this is an innovative first step to reverse the trend. We look forward to working with our partners to put these funds to good use for the community."

The new homeownership program will be directly managed by The NHP Foundation (NHPF) via its local CDC Falls Church Housing Corporation with support from the City's Housing and Human Services Department. The City estimates that with this funding, 18 qualified first-time home buyers will be able to purchase rehabilitated homes through NHPF for approximately $425,000 to $525,000. The program maximizes homeowner affordability and sustainability using Virginia Housing Special Lending Programs and mortgage credit certificates, and local down payment assistance.

"This grant enables NHPF to continue evolving housing opportunities from today's rich array of options to provide paths up and out of poverty for families," said Mansur Abdul-Malik, Vice President, Development, NHPF. "Furthering our partnership with The City ensures a smooth process for the work needed to leverage this important grant."
While the home acquired could include all property types -- single family homes, townhouses, and condominiums -- most are expected to be condominiums. The City estimates that once the program is established, it will take about one year for NHPF to purchase, rehabilitate, and resell the homes.

NHPF has a successful track record of managing this type of program. NHPF also currently manages the Winter Hill Apartments in the City of Falls Church.

"We are pleased to be working with NHPF in this new program," said Dana Lewis, Deputy Director of HHS for the City of Falls Church. "We've already received several calls from interested homebuyers, so we're excited to get the program established."

Grant funds will also go toward extending the subsidy on the Workforce Units at the Read Building. The program started in 2006 with an innovative partnership between the City and Jefferson 402 LLC. Nine apartments in the Read Building are reserved for qualified renters, including Falls Church City Public School teachers and staff and City of Falls Church government employees.

The City proposes to provide a one-time payment, estimated at $350,000 to the owner to retain affordability of these nine apartments for an additional 10 years to December 31, 2032. These funds would be used to provide for the difference between market rate and the workforce rental rate for the duration of the extended covenant control period.

The preservation and creation of affordable housing are key components of the principles of the City's Comprehensive Plan and Affordable Living Policy.

"In the City, there is a gap between what many households can afford and available rental and ownership homes," said Nancy Vincent, Director of the City's Housing and Human Services Department. "These grant funds help address the diverse housing needs of the City's current and future populations."

About The NHP Foundation
Headquartered in New York City with offices in Washington, DC, and Chicago, IL, The NHP Foundation (NHPF) was launched on January 30, 1989, as a publicly supported 501(c)(3) not-for-profit real estate corporation. NHPF is dedicated to preserving and creating sustainable, service-enriched multifamily housing, and single-family homes that are both affordable to low and moderate income families and seniors, and beneficial to their communities. NHPF's Construction Management Group provides in-house resources dedicated to infrastructure review, infrastructure development and costs management. Through Family-Centered Coaching, NHPF's subsidiary Operation Pathways engages with, and assists, families experiencing poverty and other hardship, to problem-solve together. Through partnerships with major financial institutions, the public sector, faith-based initiatives, and other not-for-profit organizations, NHPF has 57 properties, including nearly 10,000 units, in 16 states and the District of Columbia. For more information, please visit http://www.nhpfoundation.org.

Media Contact

marijane funess, The NHP Foundation, 9148303754, [email protected]

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SOURCE The NHP Foundation