Amazon, VA Housing Commit $85M to NoVa Affordable Housing 

SCG Development has closed the first phase of Somos at McLean Metro, a new affordable housing development in Northern Virginia. The project, located at 1750 Old Meadow Road in McLean, will offer 231 affordable homes for lower-income households upon completion of Phase A. 

The development will feature a mix of studio, one-bedroom, two-bedroom, and three-bedroom apartments, located near McLean Metrorail station. Virginia Housing has committed over $54.5 million in financing and 4% Low Income Housing Tax Credits (LIHTC) to make the units affordable for residents earning 60% or less of the area median income (AMI). 

Amazon is supporting the project with a $28.97 million low-rate loan from the Amazon Housing Equity Fund, part of their commitment to create or preserve affordable homes in the region. Fairfax County is also providing substantial support for the development, ensuring long-term affordability for 99 years. 

Industry leaders and power players are connecting at Connect Phoenix Multifamily & Single-Family Build-to-Rent on April 18 at the Westin Kierland Resort & Spa. Don’t miss the expert’s take on where the market is headed, and what changes are on the horizon. Register Now!