Loudoun County’s Affordable Multi-Family Housing Loan Program is now accepting applications. For-profit and nonprofit affordable housing developers are eligible to apply for loans for the development of long-term, affordable multi-family rental housing units.
The application process is competitive. Project applications will receive points in the following categories:
- Consistency with Countywide Housing Needs: Scoring will be higher for projects serving a mix of incomes below 60% Area Median Income, providing longer affordability periods and in close proximity to transportation and jobs.
- Project Design: Scoring will be higher for projects that have universal design, innovative features, services and project amenities.
- Project Readiness: Scoring will be higher for projects with construction plans that are permit-ready, have a public participation process and where project feasibility is clear.
- Experience: Scoring will be higher for projects with a design team, general contractor, developer and property manager with relevant project experience who have a track record of project completion, strong organizational capacity, and success at building partnerships.
- Budget and Debt: Scoring will be higher for projects that have a sound financing plan, clear budget documents, multiple funding sources, developer participation, meet debt requirements and have reasonable operating costs.
Loudoun County is scheduled to hold mandatory pre-application meetings on August 20, 2020, at 10:00 a.m. and August 27, 2020, at 2:00 p.m. at the Shenandoah Building, 102 Heritage Way in Leesburg. To register for a pre-application meeting or for more information about the application process, contact Housing Finance Project Manager Rebekah King by email or 703-771-5718. Applications are due October 1, 2020. More information about the application process also is available online.
The Affordable Multi-Family Housing Loan Program is one of several initiatives created by the Board of Supervisors to increase the supply and retention of affordable multi-family rental housing units in Loudoun County. The program encourages private investment by providing gap financing to address unmet housing needs. Affordable rental units that have been built through loans from the program include the Stone Springs Apartments complex in the Route 50 corridor that opened in the fall of 2019, providing affordable housing for 128 families.
Loudoun County has a number of programs aimed at helping families achieve safe and affordable housing. More information about Loudoun County’s housing programs is online at loudoun.gov/housing.
# # #