Jun 02

June is Homeownership Month: Loudoun Offers Educational Workshops

Posted on June 2, 2022 at 2:34 PM by Nancy McCormick

During June — Homeownership Month — the Loudoun County Department of Housing & Community Development and its community partners will host three virtual events at no cost for people interested in learning more about owning a home in Loudoun County. 

These workshops will provide information on Loudoun County homebuyer programs, financial literacy and a general housing market update. 

  • Overview of Loudoun County Homebuyer Programs: Wednesday, June 15, 2022, 12:00 – 1:00 p.m. 
    • Join staff from the Loudoun County Department of Housing & Community Development and Loudoun Habitat for Humanity to learn about the eligibility requirements and process to apply for the Affordable Dwelling Unit purchase program, the county’s down payment and closing cost assistance programs and Habitat for Humanity’s homeownership program.
  • Foreclosure Prevention and Financial Literacy for Homeowners: Wednesday, June 22, 2022, 12:00 – 1:00 p.m.
    • Join housing counselors, certified by the U.S. Department of Housing and Urban Development, from local nonprofit organizations, including Cornerstones, Latino Economic Development Center and Northern Virginia Family Service, for tips to increase your financial literacy as a homeowner and learn strategies for avoiding foreclosure.
  • Loudoun County Housing Market Update: Wednesday, June 29, 2022, 2:00 – 3:00 p.m. 
    • Join representatives from the Dulles Area Association of REALTORS® for a report on the Loudoun housing market. 

Registration is required for the workshops. For detailed information about each event and to register, and for more information about Loudoun County’s housing programs, visit loudoun.gov/housing.

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Jun 01

Loudoun County Issues Request for Qualifications for Affordable Housing Financing Program

Posted on June 1, 2022 at 4:40 PM by Nancy McCormick

Loudoun County has issued a Request for Qualifications (RFQ) for the affordable housing financing program for developers launched earlier this year - the Rental Housing Acquisition and Preservation Loan Program (RHAP). 

The purpose of RHAP is to preserve affordable, multi-family rental housing units in Loudoun County by making funding available for the acquisition and preservation of rental housing that is either market affordable or affordable through rent restrictions.

Interested developers must submit the required documentation in the RFQ by August 1, 2022 to be considered for certification. For program requirements and guidelines, visit loudoun.gov/multifamilyfinancing.

The RFQ will provide Loudoun County with a pool of certified developers. Only certified developers will be eligible to submit proposals to RHAP for loan consideration. Project applications will be required to meet county priorities for the program. Once approved by the Board of Supervisors, developers will remain certified for 12 months. Pre-qualification opportunities will be issued annually. 

For questions or more information about RHAP, email Housing Finance and Development Administrator Rebekah King or visit loudoun.gov/multifamilyfinancing.

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Apr 13

Loudoun County Offers Financing Opportunity for First-Time Homebuyers

Posted on April 13, 2022 at 2:10 PM by Nancy McCormick

Loudoun County continues to accept applications from first-time homebuyers for funds made available through the Virginia Housing (VH) Sponsoring Partnerships and Revitalizing Communities Program (SPARC). The program provides lower interest rates on homeownership loans in Loudoun County.

To qualify for the program, the prospective homebuyer must meet the following criteria:

  • Have an annual household income between 70%-100% of the Area Median Income for a household size of four. Currently, incomes must fall between $90,300 and $129,000;
  • Be a first-time homebuyer, which is defined as someone having had no ownership interest in real property in the past three years;
  • Currently live and/or work in Loudoun County for a minimum of six months immediately prior to submission of the application;
  • Purchase a new or existing home for $550,000 or less;
  • Receive a mortgage loan from a VH-approved lender participating in VH mortgage loan program; and
  • Purchase a home located in Loudoun County.

SPARC is open to all prospective homebuyers that meet the program’s criteria and not limited to those participating in Loudoun County’s Affordable Dwelling Unit program. For full program information and eligibility requirements, visit loudoun.gov/HomeLoanPrograms or contact Hannah Choi by email or 571-258-3814. Program participation is subject to availability and approval.

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