Dec 1 2014
TM Associates, Windy Hill Foundation and Trident Properties, Inc. have teamed up to construct The Woods of Brambleton, offering 202 much needed affordable apartments to Loudon County, Virginia. These new units will be targeted to working families with limited incomes.
The complex will include studio, one-, two-, and three-bedroom units in garden style and town home floor plans. Construction is expected to be completed in March 2015.
Strategically located in the rapidly growing region around Dulles Airport to the west of Washington, D.C., The Woods at Brambleton will provide affordable rental housing in the wealthiest county in Virginia with rental rates that are 13%-44% less than comparable market rate apartment complexes. Development amenities will include a pool and clubhouse with finishes and design features equal to the finest market rate apartments in the area.
Financing for the project is being provided through tax-exempt bonds issued by the Virginia Housing Development Authority ("VHDA") in the amount of $17,170,000, a tax credit equity investment in the amount of $7.3 million from EagleBank through Hudson Housing Capital and a substantial contribution from the developer in the form of cash and land donation.
For the second year in a row, CNN Money reported that Loudoun County is the #1 county for job growth in America. This rapid growth means that it is even more critical that developments like The Wood at Brambleton are built to provide affordable housing opportunities for the workforce that will fill these new jobs.
Source: http://www.hudsonhousing.com