FALLS CHURCH, VA. — Advantage Capital has secured $15 million in state low-income housing tax credits for Telestar Court, Conifer Realty’s office-to-residential redevelopment in Falls Church. The total project cost for the affordable housing project is $51 million.
Advantage Capital arranged the tax credits in connection with the Virginia Housing Opportunity Tax Credit program, a tool for expanding the supply of affordable housing across the commonwealth.
The former medical office building will be converted to an 80-unit community serving residents earning between 30 and 80 percent of area median income.
Conifer Realty’s partners include the Fairfax County Redevelopment and Housing Authority (FCRHA) and Joseph Browne Development Associates. The developers expect to complete construction by the fourth quarter of 2026.
Advantage Capital participates in state and federal tax credit programs to help developers finance affordable housing developments.