Investing in Virginia's Affordable Housing

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). 

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.