Avonlea Phase I Projected to Win 9% LIHTC Award

Credit: Grimm + Parker Architects.

Virginia Housing recently announced that it projects an award of $1,800,000 in 9% low-income housing tax credits (LIHTC) to the first phase of APAH’s Avonlea project. This secures a critical piece of financing for what will be APAH’s second property in Loudoun County. Across two phases, APAH plans to build 277 affordable apartments. Avonlea Phase I is projected to be 130 apartments for independent seniors, all income-restricted at 60% AMI or below with 41 units at 50% AMI or below. In the future, Phase II is planning to add 147 units of family-oriented affordable housing. It is also part of a larger master-planned development known as Avonlea Town Center, which will include retail and commercial uses.

This award clears the way to finalize architectural plans, permitting, and the remaining financing for the building. APAH has already submitted the initial site plan documents to Loudoun County for review. Later this year, APAH will apply for the remaining sources of financing and engage a general contractor for the project. APAH projects to submit for building permits sometime in early 2024. If all goes well, construction on Avonlea Phase I is projected to start in the third quarter of 2024 and will open in early 2026.