Community Preservation and Development Corporation (CPDC), located in the Greater Washington, DC area, works to preserve affordable housing and empower communities. CPDC has developed more than 4,000 affordable homes and has created award-winning community development and residential services programs at its properties.
PCG’s loan provided acquisition and rehabilitation funding for the West Wood Oaks Apartments. West Wood Oaks includes 54 units of affordable housing and a community clubhouse which meet Enterprise Green Communities and EarthCraft Virginia Standards for green building. Six apartments also meet universal design standards for people with disabilities. The property includes 39 apartments supported with Low Income Housing Tax Credit equity, reserved for households earning 50 percent or less of the area median income (AMI). Rents for these apartments are 25 percent lower than the average apartment rent in the City of Fairfax.
The other 15 apartments are reserved for households earning 51 to 95 percent of AMI. This loan afforded CPDC the opportunity to refinance and improve the only dedicated-affordable property in Fairfax.