Fairfax County, Virginia, Considers New Housing Preservation Policy

September 20, 2022

Fairfax County, Virginia, released draft text for the Affordable Housing Preservation Policy Plan amendment to ensure no net loss of affordable housing during redevelopment. The policy amendment proposes incentives for the development and financing of affordable housing preservation projects, including the potential for additional development densities.

The amendment defines “market-affordable multifamily housing” as properties that include four or more units with average rents at 60% AMI and below, in which rents are not regulated but are set by private property owners. Market-affordable multifamily housing is distinguished from “committed affordable multifamily housing,” which is defined as properties that include privately owned units with restrictions to serve households earning 80% AMI or below through deed restrictions, zoning requirements or other similar restrictions, and the terms are generally in the range of 15-50 years.

Public comment on the draft text is being accepted through Oct. 28, 2022. Public hearings have not yet been scheduled but are anticipated to occur in winter 2023.

McGuireWoods is available to discuss property-specific ramifications and opportunities associated with this potential policy change.