Standard Communities announced it is developing a ground-up, 240-unit, 100 percent affordable community in Woodbridge, Va.
The Prince William County project, Jefferson Plaza Apartments, is capitalized at approximately $67.5 million.
Funding for Jefferson Plaza Apartments was secured through Virginia Housing as the issuer of tax-exempt bonds, and Freddie Mac provided Low Income Housing Tax Credits through Hudson Housing Capital.
Jefferson Plaza Apartments, at 1305 Jefferson Plaza, will comprise seven three-story buildings with 147 one-bedroom and 93 two-bedroom units. The community, being built on a 7.6-acre site of a former shopping center, is a transit-oriented development in the U.S. Route 1 corridor within walking distance of the Woodbridge Virginia Railway Express station and close to Interstate 95, with nearby shopping and restaurants.
The property will be income-restricted to 60 percent of the Area Medium Income, making the units affordable to middl
