The Industrial Development Authority (IDA) of Prince William County has approved an amount of $65m for the development of an affordable housing project in Woodbridge.
The funds will be issued in bonds to support the Park Landing project. Michael Graff, counsel for the IDA, said that the county would not be responsible for paying back the bonds as this would go to the owner of the project. The project is being developed by Park Landing LP, a subsidiary of KCG Cos. LLC based in Indianapolis.
The project will be on Noble Pond Way on 9.76 acres of land. It will have 250 units, 99 of which will have one bedroom, and the remaining 151 will have two bedrooms. It will be for people 55 years of age and older. Banner printing is often used at such sites to inform the community of projects and keep them informed of progress being made.
Those eligible for the housing are ones who make 60% of the median income in the area or less, which is $69,660 for three people, $61,920 for two people, and $54,180 for one person.
The project will create 252 construction jobs and three part-time and four full-time jobs once it is completed. Construction has not yet begun but the project will take between 20 and 22 months to complete.
