While Wesley Housing is focused on delivering nearly 400 affordable units this fall, new development activity continues to keep the real estate development team busy.
- Earlier this month, the Falls Church City Council approved a memorandum of understanding (MOU) and restrictive covenants for Wesley Housing to operate five quadplexes in Virginia Village, a 20 building, approximate 3.7 acre community in the City of Falls Church. The MOU creates the framework for Wesley Housing to be the owner, developer, and manager of these properties with the long-term goal of redeveloping the community into permanent affordable housing. Virginia Village presents one of the last two remaining naturally occurring market affordable housing resources in the City. The City/Economic Development Authority (EDA) currently owns five (5) of the 20 four-plex buildings. Wesley Housing intends to acquire additional quad-plex buildings for the future phased redevelopment. The City is establishing an Acquisition Strike Fund with a $3.75 million grant from Virginia Housing as well as City controlled funds from the American Rescue Plan Act (ARPA). The Fund will be used to purchase additional properties as they become available. Because of the length of time needed to assemble up to the remaining 15 properties (buildings), the project has feasible options for either a phased approach or a large redevelopment after preservation and acquisition.
- Wesley Housing was awarded a $2.5M grant from the Amazon Housing Equity Fund for Holmead Place Apartments, which consists of 100 units in Washington, DC (Ward 1), all of which will be converted into affordable, accessible residential units for those earning between 30-80% AMI. Once the property is under Wesley ownership, the development team will work to complete the finance and design package for substantial rehabilitation while simultaneously implementing critical and life safety repairs for current residents.
- In August, Wesley Housing was accepted into the first-ever Supportive Housing Institute in Northern Virginia. This Institute will assist Wesley Housing and The Lamb Center, who have partnered with vision of creating a 54-unit project in which 100% of the units are Permanent Supportive Housing (PSH) for people experiencing or at risk of chronic homelessness. Created by Corporation for Supportive Housing (CSH), the Housing Association for Nonprofit Developers (HAND), and the Virginia Department of Behavioral Health and Developmental Services (DBHDS), the 2022 Institute will help supportive housing partners learn how to navigate the complex process of developing housing with support services and reduce the time it takes to obtain funding for supportive housing by improving the planning, development, and initial project implementation process.