SCG Development Closes on Second Phase of NoVa Affordable Project

SCG Development closed on the second phase of a two-phase affordable housing development in Northern Virginia. Somos at McLean Metro will be a new construction mid-rise rental housing community for lower-income households. Phase B will add 225 new homes to the 231 units currently under construction in Phase A.

“Somos at McLean Metro Phase B will bring high quality affordable housing options to families and individuals in a very high barrier to entry market that is walkable to the McLean Metro and all the surrounding amenities that Tysons has to offer,” said Steve Wilson, president, SCG Development. “We are thrilled to move this project to the construction phase after many years of effort.”

Virginia Housing, Virginia’s state housing finance agency, has committed over $38 million in financing on Phase B, as well as 4% Low Income Housing Tax Credits (LIHTC). Amazon is also supporting this new affordable housing community with a $18.2-million low-rate loan for Phase B through the Amazon Housing Equity Fund.

SCG is also receiving more than $15.8 million in financing from Fairfax County. Freddie Mac has contributed $32 million of tax credit equity, syndicated through Hudson Housing Capital.