BoS approves loan for Coralain Gardens renovation
The Board of Supervisors has authorized the Fairfax County Redevelopment and Housing Authority (FCRHA) to loan up to $2 million to support the renovation of the Coralain Gardens Apartments in the Falls Church area of Mason District.
Coralain Gardens, located at 7435 Arlington Blvd., is considered affordable to households with incomes 50-60 percent of the area median. Rents range from $1,722 for a studio to $2,214 for a 750-square-foot two-bedroom unit.
The renovation is intended “to ensure that Coralain Gardens remains a high-quality, affordable housing option,” according to the recommendation presented to the Board of Supervisors. “This increased investment provides greater health and safety protections, code compliance and accessibility, resident quality of life, and long-term sustainability.”
The renovation would include expanded health, safety, and compliance measures; more efficient building systems and infrastructure upgrades; enhanced interior finishes; and common area and exterior improvements. The project’s cost is $50.2 million, which would come to $156,025 per unit.
Construction is expected to be completed by the third quarter of 2027.
In 2023, the prior owner, RST Development LLC, sought to sell the property and triggered the FCRHA’s right of first refusal.
The FCRHA assigned its right to purchase the property to a subsidiary of Enterprise Community Development. ECD acquired the property and assumed the balance of FCRHA’s 2007 $4.35 million loan.
ECD planned to pursue additional financing for the renovations. However, before the sale closed, in March 2025, the project lost an anticipated $6.6 million in federal funding when the Trump administration eliminated a program aimed at retaining affordable housing.
ECD now intends to apply for a 9 percent low-income housing tax credit from Virginia Housing. To secure the tax credit, ECD needs to demonstrate that it has secured local subordinate financing sources by March 12. As a result, the Board of Supervisors on March 3 approved FCRHA’s request for the $2 million loan.
The loan will be funded from a combination of Affordable Housing Development and Investment Housing Blueprint Loan funds, the HOME Investment Partnership Program, and/or Community Development Block Grant funds.