48-unit Apartments at North Point will be added to Cornerstones’ Stock of Affordable Housing
It was before a sold-out crowd of more than 800 guests at the 23rd Annual Best of Reston Awards Gala on April 10th that Best of Reston Co-Chairs Karen Cleveland and Casey Veatch announced a record-breaking $1,178,000 was raised. The funds were raised over two years to help Cornerstones’ double its stock of affordable housing in Reston. Cornerstones’ CEO, Kerrie Wilson, followed this news by announcing that the 48-unit apartments at North Point will be added to Cornerstones’ stock of 53 affordable townhomes in Reston, Herndon and Centerville. The apartment units will provide permanent safe, attractive and affordable housing for individuals and working families who cannot afford the high rents in Fairfax County. The apartments at North Point bring Cornerstones’ stock of affordable housing from 53 to a total of 101 units across northwestern Fairfax County.
In addition to preserving the 48 units as permanently affordable high-quality housing, this acquisition is an affirmation of the Bob Simon’s original goals for Reston as a community offering diverse housing options. It is especially important that the stock of affordable housing continues to grow in this critical time as the Silver Line arrives in Reston bringing new jobs and residents, and the formal dedication of these homes will contribute to that overall goal.
Current residents of the North Point Apartments and those coming to live there will have the security of knowing that their units will remain affordable into the future as there will be no displacement as the result of a sale and conversion of units to market rate housing.
The acquisition of the Apartments at North Point has been the culmination of long planning, and with support from Cornerstones Housing Corporation, Fairfax County Redevelopment and Housing Authority, Virginia Development Housing Authority, Freddie Mac Foundation, Bozzuto, NII and Wells Fargo. The enthusiasm and support from the Best of Reston gala committee led by Robert E. Simon, Chuck Veatch, Casey Veatch, Karen and Jim Cleveland, Joe Ritchey and Bill Bouie instituting a two-year fundraising campaign to close the financing gap.