Lincoln Avenue Communities, Fairfax County Redevelopment and Housing Authority Open 279-Unit Fairfax Crest With $97M Capital One Construction Loans

Lincoln Avenue Communities (LAC) and the Fairfax County Redevelopment and Housing Authority (FCRHA) have opened Fairfax Crest, a 279-unit affordable housing development on the grounds of the Fairfax County Government Center in Fairfax, Virginia. LAC, a developer and acquirer of affordable housing, celebrated the grand opening of the property on Monday, October 26, 2026.

Capital One provided more than $97 million in construction loans and over $67 million in Low-Income Housing Tax Credit (LIHTC) equity for the development. The property was built on a former parking lot and offers one-, two- and three-bedroom homes for individuals and families.

Fairfax Crest Financing and Ownership Structure

Capital One provided construction debt, LIHTC equity and permanent Freddie Mac loans for Fairfax Crest. The development also received support from Virginia Housing and the Virginia Department of Housing and Community Development.

The Fairfax County Redevelopment and Housing Authority acquired the site in 2021 and retains it under a 99-year ground lease, which ensures affordability for the next century. The financing figures cited cover construction debt and tax-credit equity and do not represent a total development cost for the project.

"As a company that calls Fairfax County home, Capital One couldn't be prouder to see Fairfax Crest Apartments open its doors," said Stephanie Pierre-Louis, Director and Head of the Mid-Atlantic Region, Community Finance at Capital One. "Stable, affordable housing is the cornerstone of economic opportunity, and the need is especially urgent across Northern Virginia. We are thrilled to partner with Lincoln Avenue Communities, the Fairfax County Redevelopment and Housing Authority, and local leaders by providing more than $97 million in construction loans and over $67 million in LIHTC equity to deliver 279 new homes for our community."

Property Details and Amenities

Fairfax Crest is located at 12020 and 12040 Government Center Parkway in Fairfax. The project was formerly known as The Residences at the Government Center II and includes approximately 15,000 square feet of community-serving space, including a childcare component.

Amenities include an on-site childcare center, a playground, game tables and a community-focused mural. Each home has in-unit laundry and free internet access. Residents also have access to a fitness center, dog park, resident lounges, community spaces and underground parking.

The property is within a 15-minute walk of multiple grocery stores and restaurants, and Fairfax Connector, Metrobus and CUE bus routes are steps away. Fairfax Crest is EarthCraft Gold-certified and features rooftop solar panels. Residents began moving in earlier this month, and application information is available at FairfaxCrest.com.

Partner Comments on Affordable Housing in Fairfax County

"LAC is proud to open Fairfax Crest alongside our partners at Fairfax County, the FCRHA, Freddie Mac and Capital One," said Nick Bracco, LAC VP & Project Partner, Regional Development. "Together, we've transformed a surface-level parking lot into 279 high-quality, affordable homes in a community where new affordable housing is strongly needed, and we look forward to welcoming families home for many years to come."

"It is our goal at the FCRHA to ensure that people across Fairfax County have a place they can afford to call home, with access to the jobs, amenities and transportation one needs to thrive," said Lenore Stanton, Chair of the FCRHA.

Jeff McKay, Chairman of the Fairfax County Board of Supervisors, said the project reflects the county's approach to land use. "In Fairfax County Government, we say, 'yes in our front yard.' Fairfax Crest is an innovative answer to our housing crisis, as we have transformed underutilized parking lots right in front of the Fairfax County Government Center into affordable homes to meet the modern needs of our community," McKay said.

Rachna Sizemore Heizer, Braddock District Supervisor on the Fairfax County Board of Supervisors, said the project connects residents to public transportation, retail, jobs and childcare. "Every home represents an opportunity for someone to build a better future, and Fairfax Crest is an exciting step forward for affordable housing in the Braddock District," she said.

Congressman James R. Walkinshaw (VA-11), State Senator Stella Pekarsky and Virginia Housing CEO Tammy Neale joined LAC, FCRHA Chair Stanton and Supervisors McKay and Sizemore Heizer at the opening.

Market Context: Fairfax County's Affordable Housing Goals

Fairfax Crest supports Fairfax County's goal of producing 10,000 net new affordable homes by 2034. The county's housing assessment estimates that Fairfax will need 41,000 to 95,000 additional homes by 2035, including enough supply to support a 5% vacancy target for a healthy housing market.

The project combines publicly controlled land, a long-term ground lease, tax-credit equity, construction debt and agency permanent financing. Fairfax County housing materials had listed the 279-unit Braddock District project as Residences at Government Center II, with an early-2027 target, before the Fairfax Crest name was adopted.

LAC describes itself as a developer, investor and operator of affordable and workforce housing with a presence in 34 states and a portfolio of more than 200 properties comprising more than 35,000 units housing more than 100,000 residents.

Sources

Lincoln Avenue Communities press release via PR Newswire: https://www.prnewswire.com/news-releases/lincoln-avenue-communities-and-fairfax-county-redevelopment-and-housing-authority-celebrate-grand-opening-of-affordable-housing-development-in-fairfax-virginia-302921193.html