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Falls Church lays out savings plan for Virginia Village redevelopment; staff says millions more required
Summary
Staff told the Planning Commission the city will direct most Affordable Housing Fund resources toward a Virginia Village acquisition/reserve fund to support redevelopment of nine city‑owned properties; the city has about $1.9M on hand and a recent $850K federal grant but faces an estimated funding gap (tens of millions depending on unit counts) and will study options, including developer partnerships and preservation alternatives.
City housing staff briefed the Planning Commission on Feb. 18 about the Affordable Housing Fund and a strategy centered on Virginia Village, where the city now owns nine of roughly 20 small multifamily properties.
Staff described a restructured, six‑year approach to the Affordable Housing Fund. Key points:
- Local annual contribution reduced from the $500,000 target in earlier plans to $200,000 because of recent budget constraints. - The CCAU (City Committed Affordable Unit) voucher program will continue; staff projects ~15 voucher units with a current annual spend allocation and a modest escalator provision. - The affordable homeownership program (previously supported with…
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