New Apartment Community to Replace Dilapidated Shopping Center

Woodbridge, VA — As a gust of wind threatens to topple the flags, the hands of our partners reach out to steady them and the Jefferson Plaza groundbreaking continues. It was an apt moment, a reminder of what it takes to make complex, at times challenging projects like this one a reality — and the team effort required to build new, affordable housing.

Site acquisition, easements, re-zoning, community involvement and financing — there are many facets to transforming an obsolete shopping center, in a high-cost area, into 240 units of new housing, affordable to those who make 60% of area median income (AMI). 

Picture of groundbreaking ceremony

Mission in Focus: Get the on-site scoop with Chris and Sam from our LIHTC equity investment production team

The sponsor is Standard Communities. Debt financing was provided by Virginia Housing as the issuer of tax-exempt bonds and the lender. Freddie Mac Multifamily provided the tax credit equity through our syndicator, Hudson Housing Capital.

The seven-building property is being developed on eight acres next to a main retail corridor and park. The community will have three- and four-story residential buildings with 240 one- and two-bedroom units. It will feature a club room and co-working amenity space, an exercise room, bike storage, greenspace, a dog park, and a playground and recreation area. Completion is scheduled for September 2025.

Through Low-Income Housing Tax Credit (LIHTC) equity investments like these, we’re helping to preserve or build affordable housing where it’s needed most.

Last year, we made more than $883 million in LIHTC equity investments — with a number of them addressing the needs of rural communities, farmworkers, tribal nations, veterans and those who are experiencing homelessness.  

In 2024, we’re aiming to reach $1 billion in LIHTC equity.  

Since 2018, Freddie Mac Multifamily has committed over $4 billion in LIHTC equity through 240 investments, helping to create or preserve nearly 30,000 units of affordable housing.

Architect rendering of Jefferson Plaza in Woodbridge, Virginia

Architectural rendering of what Jefferson Plaza will look like.