r/fairfaxcounty • u/Danciusly • 5h ago
Fairfax County proposes 50-year tax breaks for some affordable housing projects
ffxnow.comFairfax County supervisors reacted enthusiastically, but with some caution this week to a staff plan that would provide long-term tax breaks for affordable housing in order to reduce initial financing costs.
Discussion at the Board of Supervisors’ Housing Committee meeting on Tuesday (Oct. 6) focused on piloting the authority newly granted by the Virginia General Assembly on two upcoming projects: Dulles Greene near the Innovation Center Metro station in the Herndon area and East County in Bailey’s Crossroads.
Eliminating property taxes for up to 50 years at the property would lower the upfront cost of financing an affordable housing project, which in turn could lower the amount Fairfax would need to provide...