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For Immediate Release
January 24, 2006 |
Contact: Patricia Dashiell
(202) 895-8900 |
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Residents' Vision Realized
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Residents Return to their Island Walk Homes
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Reston, VA - January 2006 marks the greatest milestone for the residents of Island Walk as their vision for the revitalization of their homes has finally been realized. The last group of residents moved back into their homes as Community Preservation and Development Corporation (CPDC) announced the completion of the final stage of construction of Island Walk, a 102-unit townhouse affordable housing community located in Reston, Virginia.
"The revitalization of Island Walk models the power of a pioneering partnership between residents, government, financiers, and the developer, in an area where low- and moderate-income families are being priced out of the housing market," stated J. Michael Pitchford, president and CEO of CPDC. "We all worked to honor the vision these residents had for their homes and believe quite strongly that the results speak for themselves."
Island Walk is a 102-unit townhouse community located in the pioneering planned community of Reston, Virginia. Developed in the late 1970's as a limited-equity cooperative, the property had deteriorated significantly in the past 25 years. Because of the nature of the cooperative ownership structure, the residents lacked access to funds necessary to address the capital needs. Located in a very attractive neighborhood with many nearby amenities, the property seemed ripe for conversion to market rate housing.
However, the cooperative was dedicated to preserving Island Walk as affordable housing and proffered an RFP for restoring their homes. The first responses would not have kept Island Walk affordable, so the residents requested a second round of proposals. CPDC proposed to buy and renovate the community using low-income housing tax credits and then give the cooperative to repurchase the property at a discounted rate. This meant that, ironically, in order to keep their homes, the residents had to agree to relinquish ownership.
Partnering with the Fairfax County Redevelopment and Housing Authority, CPDC crafted a financing structure that will preserve this irreplaceable affordable housing asset for the long term that includes tax-exempt bonds and secondary loans from the FCRHA and low income housing tax credit equity through Hudson Housing Capital.
During the 18-month construction period, the units were expanded and completely renovated, including all new systems, fully remodeled kitchens and bathrooms, new lighting and flooring. Additionally, elevators were added to several units making them fully accessible.
The renovated buildings, with new, pitched roofs and colorful, varied facades, set among mature trees and landscaping, create the incredible visual impact of this development. Residents, who were housed off-site during construction, returned to a community that is truly better than new.
At the end of the low-income housing tax credit compliance period (15 years), the cooperative will have the right to repurchase the property and resume operations as a cooperative. In the meantime, the residents' association is active, giving the residents a voice in how their community is operated.
This spring, residents, community partners, and CPDC will celebrate the dedication of Island Walk's renovated community center, complete with a fully equipped computer learning center.
CPDC has already begun the task of partnering with the residents of Island Walk, local officials, and corporations to bring academic and empowerment programs to the community. As a part of this vision, CPDC laid the groundwork for an electronic village and a Neighborhood Network Center at Island Walk.
Island Walk is a community of change, one that has persevered through the years and finally come into its own. Even as the population around them changed, the residents of Island Walk changed from a community of single mothers to a community of seventeen different nationalities. Yet their vision remained the same: an affordable place to live, a safe environment for their children, and a voice in their community.
The region's premier nonprofit developer, Community Preservation and Development Corporation (CPDC) works with residents, governments, and other like-minded firms to create and preserve affordable rental housing and homeownership opportunities. With over two-dozen properties totaling over 3,500 units, CPDC developments serve a range of incomes and household types. Many of these communities include programs that provide technology-supported education and economic empowerment to residents of all ages. |
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| CPDC's mission is to develop vibrant communities through innovation and partnerships. To accomplish this, CPDC creates and preserves financially sound, socially responsible affordable housing for low- and moderate-income individuals and families and, in cooperation with community residents, develops community programs that strengthen communities and increase opportunities for growth. |
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