- Departments & Offices
- Housing & Community Development
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- Financing for Affordable Multi-Family Rental Housing
- Affordable Multi-Family Housing Loan Program
Affordable Multi-Family Housing Loan Program
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:
- Multi-family affordable rental housing units developed pursuant to the Virginia Housing Low-Income Housing Tax Credits (LIHTCs) or a Department of Housing and Urban Development (HUD) 221(d) (4) Affordable program that meets the definition of Affordable Housing included in the HUD Multifamily Accelerated Processing Guide, Revised December 18, 2020, as amended, from the Office of the Assistant Secretary for Housing - FHA Commissioner, as applicable, or
- Multi-family affordable rental housing with units for the benefit of households within the income and the rental limits defined by Chapter 1450 of the County Ordinances.
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.
- Since 2017, the loan program has provided seven loans to support the development of 632 rental apartments, affordable to households with incomes up to at 60% of Area Median Income (AMI) ($85,400 for a family of four in 2022) 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/Loudoun View Senior) is in construction.
- Three projects are in development: Poland Hill, Tuscarora Crossing Phases 1 and 2, and Waxpool Apartments.
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|
|Loudoun View Senior||2019||Open||$5.225 million||98|
|Poland Hill||2019||Under Construction||$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||Under Construction||$2.5 million||52|