- Departments & Offices
- Housing & Community Development
- Information for Developers, Nonprofits & Towns
- Financing for Affordable Multi-Family Rental Housing
- Rental Housing Acquisition & Preservation Loan Program
Rental Housing Acquisition & Preservation Loan Program
The Rental Housing Acquisition and Preservation Loan Program (RHAP) aids in funding the acquisition and preservation of existing multi-family rental housing developments within the county to help address the unmet rental housing needs of county households and to preserve market affordable housing and rent-restricted housing in danger of conversion to market-rate housing.
Review the County of Loudoun Rental Housing Acquisition and Preservation Loan Program Guidelines (PDF) approved by the Board of Supervisors in January 2022.
2022 Request for Qualifications
- The Loudoun County Department of Housing and Community Development invites eligible nonprofit and for-profit affordable housing developers that are interested in acquiring existing rent-restricted and naturally occurring affordable housing in Loudoun County to submit the required documentation (PDF) (also listed below) to be considered a certified developer in accordance with the Request for Qualifications (RFQ) requirements.
- Applicants must submit one electronic copy of all required materials via email to Housing Finance and Development Administrator Rebekah King by 5:00 p.m. on August 1, 2022.
Requirements for Pre-Qualification for Certified Developers
- Brief narrative (1-2 pages) describing managerial and organizational capacity to acquire, operate and develop affordable rental housing. Include a description of the organization's financial capacity and constraints on its ability to acquire, operate and develop affordable rental housing.
- Developer's organizational chart including ownership structure identifying corporate/partnership membership in levels to show individuals/names. If a nonprofit, please provide staff chart showing roles.
- Resumes for who would be involved in any funding applications.
- Disclosure of each principal’s (named in the above organizational charts) participation on previous or same year affordable housing applications or projects within or outside the County, including the status of those projects, the demographic being served, and support services provided, if any. In the case of non-profit organizations, provide brief, but substantive, information about its mission or purpose, population served, and a summary of existing projects or programs developed/administered by the organization, including any previous experience in Loudoun County.
- Virginia State Corporation Commission’s certification of good standing of expected ownership entity and developer and manager entities. If a single purpose entity is the owner, certificate of good standing of the member(s), manager(s) or managing member(s), shareholder(s) or partner(s) of such entity, as applicable; section 501(c)(3) Determination Letter, if a non-profit organization.
- Applicant financial statements, with analysis of the organization’s financial position and its ability to support the project for which loan funds are requested, with indicators of how the submitted financial statements supports the proposition that the organization is/will be able to support the project.
- Letter from each member of the loan applicant’s team, certifying that he/she is not or has not been debarred from participation in any federal program nor have any unresolved default or noncompliance issues with the County of Loudoun or the Commonwealth of Virginia.
- The RHAP Loan Program is designed to preserve and increase the supply of affordable multi-family rental housing in Loudoun County.
- The Program is funded by Board appropriation.
- The loans help bridge the funding gap for the acquisition of below-market multi-family rental developments.
- Loan funds may be used for real estate acquisition costs directly linked to preservation of market affordable or affordable rent-restricted units.
- Developments must provide either 20% of units that are affordable at 50% Area Median Income (AMI) or 40% of units that are affordable at 60% AMI.
- Developments must keep those units affordable for 30 years.
- Once approved by the Board of Supervisors, developers will remain certified for 12 months.
- Pre-qualification opportunities will be issued annually.
- Review the County of Loudoun Rental Housing Acquisition and Preservation Loan Program Guidelines (PDF).
|Development||Award Year||Status||Loan Amount||Total Units|
|Sommerset Independent Living||2022||In Development||$4.75 million||102|