Lake Anne Redevelopment

Lake Anne Redevelopment

Construction of a new Lake Anne Fellowship House is scheduled to start in late 2019 on the currently-unused, eastern portion of the current Reston property and may be finished sometime in 2021. The project would replace the 240 units in the existing buildings at Lake Anne I and II with a new state-of-the art building. The building would improve accessibility and add more program space.

Only after current residents are relocated to the new building will the older buildings be demolished. The land on which they stand would be sold.

Once complete, apartments will be available to those over age 62 and people with disabilities who meet income qualifications set by the U.S. Department of Housing and Urban Development (HUD). The new building would retain affordable housing in a community where rents are typically very high.

Needed approvals from HUD as well as from Fairfax County and Reston entities are pending.

Financing for the project is complex consisting of low-income tax credits, mortgage debt and the sale of excess land. Fellowship Square Foundation (FSF) and Community Preservation and Development Corporation (CPDC)  [link to www.cpdc.org ] are partners on the project.

 

See the latest press release for more information.