Boston Capital announced that it is investing in the construction of Old Town Commons Phase V, a 54-unit affordable housing development in Alexandria, Va.
The project is the firm’s sixth investment with the Alexandria Redevelopment and Housing Authority and development firm EYA. The community is also being developed in partnership with the Virginia Housing Development Authority.
Boston Capital, a low-income housing tax credit (LIHTC) syndicator and real estate investment firm, is providing $10.7 million in LIHTC equity.
The construction of this final phase of Old Town Commons will generate an estimated $5.6 million in local income and create approximately 82 jobs in the Alexandria area.
Located seven miles from Washington, D.C, Old Town Commons will feature 40 two-bedroom and 14 three-bedroom units in 10 three and four-story buildings. Amenities will include dishwashers, central air, and washers and dryers. All units will be certified through the EarthCraft program, meeting a number of criteria that ensure sustainable, efficient design and function. Units will be available to families earning no more than 60 percent of the area median income.
The development is close to public transportation and the Charles Houston Recreation Center.