The Falls Church City Council adopted a resolution Monday to modify the City’s Affordable Housing Fund Guidelines. The two major modifications include increasing the eligible income level and adding a loan program.
The City’s Affordable Housing Fund provides funding to maintain existing affordable housing and to develop additional affordable housing opportunities. Currently $504,000 is available in the housing fund for nonprofits, for-profits, and the City for pre-development activities, construction, rehabilitation, or acquisition. With the modifications adopted Monday night, programs using the fund can serve eligible households having gross incomes less than 120% (formerly 80%) of the median income for the Washington Metropolitan statistical area.