SCG Development has successfully completed the second phase of an affordable housing development in Northern Virginia. The new community, called Somos at McLean Metro, will consist of a mid-rise rental housing complex for lower-income households. With Phase B now complete, there will be a total of 456 homes available to residents.
According to SCG Development President Steve Wilson, this project is crucial for providing high-quality affordable housing options in an area with limited availability and high costs. Located near the McLean Metro station and surrounded by amenities in Tysons, Somos at McLean Metro offers convenient access to transportation and local attractions.
The financing for Phase B was made possible through partnerships with various organizations. Virginia Housing provided over $38 million in funding along with 4% Low Income Housing Tax Credits (LIHTC). Additionally, Amazon contributed $18.2 million through their Housing Equity Fund program.
Fairfax County also played a role by providing more than $15.8 million in financing support while Freddie Mac contributed $32 million through tax credit equity syndicated by Hudson Housing Capital.
Overall, SCG Development’s completion of the second phase marks a significant milestone towards addressing the need for affordable housing options in Northern Virginia.
