- Departments & Offices
- Housing & Community Development
- Information for Developers, Nonprofits & Towns
- Financing for Affordable Multi-Family Rental Housing
- Affordable Multi-Family Housing Loan Program
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.
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|
|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|