No, a Memorandum of Understanding (MOU) is not legally binding. A legally binding purchase agreement would be considered.
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The criteria apply to the entire project. If an application only needed loan funds for one side (e.g. just the 9% side), then only those units would be scored. If an applicant plans to apply the loan funds to the entire project, then the criteria apply to the entire project.
Because Loudoun County issues the Requests for Proposals (RFP) for PBVs in the fall, developers should apply in the fall prior to their 9% application submission, following the timeline laid out in the RFP.
The County is always looking for affordability and diversity of housing, including units for single person households and for family households in the County. The scoring criteria awards points for entry-level worker units of 1 bedroom or studios.
Yes. The application guidelines require that zoning approval, including special exception, that demonstrates that the proposed development is a matter of right is included as part of the application.
Loudoun County does not require Davis Bacon wages on its own; if they apply to projects, it is because of other funding sources being used in the project.
For the scoring criteria, if an element of the criteria is not fully met, partial points will be given.
Each criterion is treated separately. If a project has 100 units and 20 units are for seniors and 20 units are accessible for people with disabilities, the application would receive full points for each criterion, even if the units overlap.
This term refers to the entity overseeing the development of the project to completion/occupancy.
Ground lease as a form of ownership is an issue that the Board would need to consider in its review of a project’s application.
Yes, applicants must submit one original and one hard copy along with the application payment. One electronic copy, either submitted online at: https://lfportal.loudoun.gov/Forms/Application or via email to [email protected] is also required.
The scoring criteria provides points for proposed projects located within walking distance (approximately .25 mile) to either public transportation or existing employment opportunities, public schools, and other amenities that could include, but not be limited to library, hospital, food store, park, community center.
For all scoring criteria, full points will be given if the criteria are fully met.
Points are given on a sliding scale. Highest points are awarded for 60+ years commitment to maintaining affordability of units consistent with targeted households as proposed.
As a proof of available sources of funds, Loudoun County accepts a Letter of Intent (LOI) that states the tax credit pricing and loan/grant amount and the proposed rate of interest. Notwithstanding, points are given on a sliding scale and a firm financial commitment from other sources of financing will fully meet the criteria.
Community support and engagement contributes to the success of the project and sustainable outcomes. This engagement can be in many forms to include community meetings, materials and presentations, and forums for input and questions. Access to specific civic organizations that work in the area and provide social services, if any, or are able to partner with the non-profit organization/developer for the provision of social services to the tenants may be mentioned in the application.
Applicants may provide their own Excel document. The document should be in Excel so Loudoun County can see the formulas.
The August pre-application meeting will not be recorded. The Affordable Multi-Family Housing Loan Program Guidelines, online application, and Frequently Asked Questions are available online at https://www.loudoun.gov/4998/Affordable-Multi-Family-Housing-Loan-Pro. Questions can also be sent to the Housing Finance Project Manager at [email protected].