SCG Development has successfully completed the second phase of their two-phase affordable housing development in Northern Virginia. The new community, called Somos at McLean Metro, will consist of a mid-rise building with rental units for lower-income households. With Phase B now complete, an additional 225 homes will be added to the already 231 units currently being constructed in Phase A.
According to Steve Wilson, president of SCG Development, “Somos at McLean Metro Phase B will provide high-quality and much-needed affordable housing options for families and individuals in a highly competitive market. Its convenient location near the McLean Metro station and all that Tysons has to offer makes it an ideal choice.” After years of hard work and dedication from the team at SCG Development, they are excited to see this project finally move into its construction phase.
Phase B has received over $38 million in financing from Virginia Housing (the state’s housing finance agency) as well as 4% Low Income Housing Tax Credits (LIHTC). In addition to this support, Amazon is also contributing $18.2 million through their Amazon Housing Equity Fund by providing a low-rate loan specifically for Phase B.
Fairfax County is also playing a role in making Somos at McLean Metro possible by providing more than $15.8 million in financing. Freddie Mac has contributed another $32 million through tax credit equity which was syndicated through Hudson Housing Capital.
