Affordable Multi-Family Housing Loan Program 

  1. Overview
  2. Accomplishments
  3. Frequently Asked Questions

Purpose of the Program

The 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 residents and workers. Loans will only 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:

  1. Multi-family affordable rental housing units developed pursuant to the Virginia Housing Development Authority Low-Income Housing Tax Credit program or a U.S. Department of Housing and Urban Development (HUD) Federal Housing Administration (FHA) 221(d)(4) Affordable mortgage insurance 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
  2. 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.          

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 housing rental affordable units.  

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 (PDF)

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 e-mail Housing Finance Project Manager Janice Chan 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 given 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.    

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
Avonlea Senior 2023 In Development $6.012 million 130

Completed Projects

Stone Springs

Stone Springs Ribbon Cutting_Sept_2019 (29)

Ashburn Chase

Ashburn Chase

Loudoun View Senior

Loudoun View