Love Funding Arranges $19M Loan to Renovate Affordable Community in Virginia

VIENNA, Va. — Love Funding has arranged a $19 million loan for renovations to Tysons Tower, a 274-unit affordable seniors housing community in the Washington, D.C. suburb of Vienna.

The Fairfax Education Association Retirement Housing Corporation (FEARHC) built Tysons Tower in 1976. The property requires major facility upgrades, and its rental assistance contract was set to expire this year. All units are reserved for those age 62 or older and earning 80 percent or less of the area’s median income.

Ann Bolen, a director with Love Funding, secured the new loan through the Virginia Housing Development Authority, after securing a commitment from the U.S. Department of Housing and Urban Development’s Rental Assistance Demonstration program for a new 20-year Project Based Rental Assistance contract on 100 percent of the units.

Proceeds from the new loan will finance a new roof, heating and air-conditioning systems, windows, elevators and interior unit renovations, among other improvements.

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