#United States #Ashburn, VA #Green Street Housing #Good Works #Waxpool Apartments

Landmark Achievement in Affordable Housing

In a remarkable achievement for the community of Loudoun County, Green Street Housing and Good Works have completed the early repayment of a $2 million loan for Waxpool Apartments, a key affordable housing project in Ashburn, Virginia. This milestone is particularly noteworthy as it was achieved over 30 years ahead of the original schedule, showcasing the project's success and the strong community effort behind it.

Project Overview

Waxpool Apartments is a 52-unit residential community that opened its doors earlier this year, designed specifically for essential workers and families earning limited incomes, along with individuals with disabilities. Its strategic location near the Ashburn Metrorail Station provides vital accessibility to residents, thereby enhancing their quality of life. This project not only increases the availability of affordable housing in the area but also sets a new benchmark for community excellence and innovation.

The excitement surrounding the early loan repayment is palpable among the project stakeholders. According to Chase Powell, Director of Development at Green Street Housing, this accomplishment reflects their dedicated efforts to secure diverse financing options. “We feel honored to return these funds to create more resources for attainable housing in Loudoun County,” he remarked. The achievement in question is rather unique in the affordable housing sector, where returning funds often indicates a balance of financial responsibility coupled with impactful community engagement.

Collaborative Financing Efforts

The successful financing of Waxpool Apartments involved a multitude of public and private partnerships. The funding structure consisted of the Loudoun County DHCD Affordable Multi-Family Loan Program, tax credits, bonds, and grants from various regional housing programs. This collaborative model has proven effective in driving the project towards its early repayment, and it serves as a strong testament to what public-private partnerships can achieve in the realm of housing.

Kim Hart, representing Good Works, emphasized that this accomplishment would not have been possible without the support of the Loudoun County Board of Supervisors. Their commitment to advancing affordable housing initiatives through the Housing Trust Fund and facilitating expedited project reviews greatly contributed to the success of Waxpool Apartments.

Environmental Innovations

Beyond its financial achievements, Waxpool Apartments has garnered attention for its sustainable and innovative design. It is the first structure in Loudoun County to meet the standards of four prominent green building certifications, including Energy Star and DOE's Zero Energy Ready Homes. The solar energy system installed in the apartments significantly reduces energy consumption, and it is projected to offset carbon emissions equivalent to that produced by twenty thousand trees over a span of two decades.

On November 3, 2024, this impressive achievement was celebrated at the Loudoun County Government Center, where a ceremonial cheque was presented to symbolize the loan repayment. The event united community leaders and stakeholders in recognition of their shared dedication to improving housing accessibility.

Conclusion

Green Street Housing, founded in 2008, has consistently strived to deliver high-quality, mission-focused developments across the Maryland, Delaware, and Virginia regions. Coupled with Good Works, which specializes in attainable housing, their collaborative efforts reflect a deep-rooted commitment to making meaningful impacts in communities desperately in need of affordable living options. Both organizations look forward to reChanneling the repaid funds into future initiatives that will continue to support the growing demand for affordable housing in Loudoun County and beyond.

For more on their ongoing efforts and project developments, visit Green Street Housing and Good Works.