Affordable Multi-Family Housing Loan Program 

2022 Notice of Funding Availability

  • The Loudoun County Department of Housing and Community Development invites eligible nonprofit and for-profit affordable housing developers that propose to develop long-term, affordable multi-family rental housing units in the county to submit proposals for Affordable Multi-family Housing Loans in accordance with the County of Loudoun Affordable Multi-family Loan Program Guidelines (PDF)
  • The program is funded by Board appropriations from the County of Loudoun Housing Trust and awards are made through an annual competitive loan application process. All applicants must have demonstrated capacity and experience. 
  • Loudoun County will hold a virtual pre-application meeting on August 17, 2022, at 10:00 a.m. Please contact Housing Finance and Development Administrator Rebekah King to register for the pre-application meeting. 
  • Applications are due by 5:00 p.m., October 3, 2022.
  • Applicants must submit one electronic copy and four physical copies (1 original and 3 copies) of the loan application and attachments. 
    • Submit the electronic copy via this application portal
    • Mail the four physical copies (1 original and 3 copies) to the Department of Housing and Community Development, Attention: Rebekah King, P.O. Box 7000, Leesburg, VA 20177-7000 or drop off at the front desk or blue drop box at the Department of Housing and Community Development offices located at 106 Catoctin Circle SE, Leesburg, VA 20175. 
    • Please note: Do not mail documents to the street address, as they will not be delivered.  

Loan Application Review Criteria

  • Funding decisions will be made based on the merits of each loan application as graded in accordance with the Affordable Multi-family Housing Loan Program Guidelines and Scoring Criteria.
  • Staff will be reviewing the guidelines and the loan review process over the next several months and may take changes to the Board of Supervisors for approval. To stay updated on possible changes as well as program information and deadlines, please email Rebekah King to join the mailing list.
  • Loans may be approved by the Board for less than the full amount requested in the loan application. Highest consideration will be give to loan applications that demonstrate that the project will rehabilitate, construct and/or preserve the greatest number and highest quality of affordable units to serve county households at the greatest need in the most economically sustainable way. 
  • Review the Program Guidelines, Application Components, and Scoring Criteria below. 

Resources

  1. Overview
  2. Accomplishments

Purpose of the Program

  • The Affordable Multi-Family Housing Loan Program has been established to provide gap financing to affordable multi-family rental housing projects to encourage private investment to address the unmet rental housing needs of Loudoun County citizens and workers. The program focuses on the housing needs of households earning up to 60% of Area Median Income (in 2022, $85,400 for a family of four). 
  • Loans will be provided to finance units in excess of the minimum number of Affordable Dwelling Units necessary to satisfy the requirements of Article 7 of the Zoning Ordinance and may include:

Eligible Uses

The program will aid in funding the construction, rehabilitation, and/or preservation of affordable rental housing in the county, at the discretion of the Board of Supervisors to include:

  • 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 rental affordable units. 

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
Waxpool Apartments 2022 In development $2.5 million 52

Current Projects

Stone Springs Ribbon Cutting_Sept_2019 (29)
Stone Springs Ribbon Cutting_Sept_2019 (20)