Parkwood Apartments to get a makeover
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| The Parkwood [Apartments.com] |
The Parkwood Apartments in
Bailey’s Crossroads are in line to get a much-needed renovation, thanks to the Fairfax County Redevelopment and Housing Authority. The FCRHA, the county’s affordable housing agency. approval of $30 million in
tax-exempt bonds and $2.5 million from the county’s Housing Blueprint Funds to support the project.
Bailey’s Crossroads are in line to get a much-needed renovation, thanks to the Fairfax County Redevelopment and Housing Authority. The FCRHA, the county’s affordable housing agency. approval of $30 million in
tax-exempt bonds and $2.5 million from the county’s Housing Blueprint Funds to support the project.
The Parkwood, located in the
Culmore area, has 221 units in 17 three-story buildings. Rents are $1,198 for a
one-bedroom apartment and $1,433 for an apartment with two bedrooms and one
bathroom.
Culmore area, has 221 units in 17 three-story buildings. Rents are $1,198 for a
one-bedroom apartment and $1,433 for an apartment with two bedrooms and one
bathroom.
The complex, built in 1949,
was purchased in 2017 by a privately held real estate investment group, MRK
Partners.
The rehabilitation will include kitchen and bathroom upgrades in all units and exterior
and structural updates to the roofs and plumbing systems. The leasing office,
community room, and laundry room will be renovated, too.
and structural updates to the roofs and plumbing systems. The leasing office,
community room, and laundry room will be renovated, too.
Thirteen units will be
made accessible for tenants with disabilities, including lowered cabinets and countertops and widened clearances for wheelchair access.
The project will also add four affordable units within the existing buildings.
made accessible for tenants with disabilities, including lowered cabinets and countertops and widened clearances for wheelchair access.
The project will also add four affordable units within the existing buildings.
The Parkwood renovations are expected to take a year to complete and will benefit households with
incomes up to 60 percent of the area median income. This equates to approximately
$70,000 for a family of four.
incomes up to 60 percent of the area median income. This equates to approximately
$70,000 for a family of four.
The FCRHA also approved $20
million in tax-exempt bonds and $3.7 million in Housing Blueprint Funds to
renovate the Murraygate Village Apartments on the Route 1 corridor in Alexandria.
The financing process for
both projects benefited directly from one of the strategies identified in Phase
One of Fairfax County’s Communitywide Housing Strategic Plan: The Housing
Blueprint application was streamlined and better aligned with the Low-Income
Housing Tax Credit application cycle, resulting in increased efficiency in the
financing process, lower developer costs, and increased opportunities for the
development of housing for low and moderate-income working families.
both projects benefited directly from one of the strategies identified in Phase
One of Fairfax County’s Communitywide Housing Strategic Plan: The Housing
Blueprint application was streamlined and better aligned with the Low-Income
Housing Tax Credit application cycle, resulting in increased efficiency in the
financing process, lower developer costs, and increased opportunities for the
development of housing for low and moderate-income working families.
3 responses to “Parkwood Apartments to get a makeover”
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The FCRHA continues to find opportunities to fund and direct companies to add to our affordable housing stock, while upgrading the quality of residences and adding to ADA accessible units. Stated simply, the FCRHA works for Fairfax so that Fairfax can work for you.
The article mentions the addition of" four affordable units" within the existing buildings then states that the renovations will "benefit households with incomes up to 60% of the area median income".
What is considered "affordable?
One thing is certain, the owners of projects like Parkwood rarely update or maintain their units at their own cost. These projects are considered "cash cows" and a number of units are often barely habitable.
How right you are. I was walking through this area today and thinking to myself this HAS to be funded by Fairfax County, because nobody would spend their own money this way. It is a wasteland funded by taxpayers. I don't live there so I cannot comment on interiors, but from my view nobody wins except the contractors.