Loudoun County’s application process for multifamily loans has opened with the release of the 2021 Notice of Funding Availability.
For-profit and nonprofit affordable housing developers are eligible to apply for loans for the development of long-term, affordable multi-family housing rental units. The loans are to be used in conjunction with the Virginia Housing Development Authority Low-Income Housing Tax Credit Program and/or the U.S. Department of Housing and Urban Development 221(D)(4) Program financing.
The application process is competitive. Project applications will receive points in the following categories:
Loudoun County will hold a virtual pre-application meeting on Friday, August 20, 2021, at 10:00 a.m. To register for a pre-application meeting or for more information about the application process, email Housing Development Administrator Brenda Morton or call 703-737-8755. Complete applications must be submitted by 5:00 p.m., Friday, October 1, 2021.
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.
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.
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