Affordable Multi-Family Housing Loan Program
Annual Application Process
- The Affordable Multi-Family Housing Loan Program aids in funding the construction, rehabilitation, and/or preservation of affordable rental housing in the county, including:
- Construction of affordable multi-family rental units.
- Real estate acquisition directly linked to preservation, construction or rehabilitation/renovation of affordable multi-family housing rental units.
- Rehabilitation/Renovation of multi-family housing rental affordable units.
- The program is funded by the County of Loudoun Housing Trust and awards are made through an annual competitive loan application process.
- Applications were due on October 1, 2021.
- For more information about the application process, Email Housing Finance Project Manager Rebekah King.
- The Affordable Multi-Family Housing Loan Program is designed to increase the supply of affordable multi-family rental housing in Loudoun County.
- It provides gap financing for affordable rental housing development to encourage private investment in addressing the County’s housing needs. The program focuses on the housing needs of households earning up to 60% of AMI (in 2021, $77,400 for a family of four).
- The program enables developers of apartments to be financed with Virginia Housing Low-Income Housing Tax Credits (LIHTCs) or the Department of Housing and Urban Development (HUD) 221(d) (4) Affordable programs to compete for low interest loans from the County of Loudoun Housing Trust.
- The loans help bridge the funding gap for below-market multi-family rental developments. Loans are targeted to finance units more than the minimum number of Affordable Dwelling Units (ADUs) required by Article 7 (ADU Ordinance) of the Zoning Ordinance.
- Learn more about the funding guidelines.(PDF)
- Since 2017, the loan program has provided six loans to support the development of 580 rental apartments, affordable to households with incomes up to at 60% of Area Median Income (AMI) ($77,400 for a family of four in 2021) or less.
- Two projects are now built and occupied by residents:
- Stone Springs opened in the fall of 2019
- Ashburn Chase opened in October 2020.
- One project (Mount Sterling) is in construction.
- Two projects are in development: Poland Hill and Tuscarora Crossing Phases 1 and 2.
Completed or In-Progress Multi-Family Loan Projects
|Development||Award Year||Status||Loan Amount||Total Units|
|Stone Springs||2017||Open||$3 million||128|
|Ashburn Chase||2018||Open||$2.46 million||96|
|Mount Sterling/Loudoun View Senior Living||2019||Under construction||$5.225 million||98|
|Poland Hill||2019||In development||$1.8 million||78|
|Tuscarora Crossing, Phase 1||2020||In development||$5.65 million||90|
|Tuscarora Crossing, Phase 2||2021||In development||$4.5 million||90|