CMFA Issues Financing for Piper Court Apartments

CMFA recently issued $12,967,000 in tax-exempt financing for Piper Court Apartments. Piper Court Apartments is an existing project located in Fairfax on a 2.68-acre site. The project consists of 26 restricted rental units and 1 unrestricted manager unit. The project provides 18 two-bedroom units and 9 three-bedroom units distributed among 9 two-story buildings. Building exterior renovations will consist of new roofs, siding, insulation, balconies and railings, exterior doors and frames, windows, structural footings, and stairs and landings. Individual apartment units will be updated with new kitchen appliances, sinks, tubs/showers, toilets, countertops, cabinets, doors and trim, flooring, window coverings, smoke/CO detectors, electrical upgrades, gas wall furnaces, exhaust fans, water heaters, plumbing lines and fresh paint. One unit will be remodeled to provide full ADA accessibility. Common or site area renovations will consist of replacement of retaining walls and pool fencing, repair of driveways and sidewalks, and addition of new walkways around buildings. The rehabilitation is expected to begin in December 2017 and to be completed in November 2018.

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