Affordable Multi-Family Housing Loan Program
Notice of Funding Availability
Loudoun County 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 loans in accordance with the County of Loudoun Affordable Multi-family Loan Program Guidelines (PDF) approved by the Board of Supervisors on July 3, 2018 and revised on July 18, 2019. 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 is scheduled to hold mandatory pre-application meetings on August 20, 2020, at 10:00 a.m. and August 27, 2020, at 2:00 p.m. at the Shenandoah Building, 102 Heritage Way in Leesburg. To register for a pre-application meeting or for more information about the application process, contact Housing Finance Project Manager Rebekah King by email or call 703-771-5718.
Applications are due October 1, 2020.
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 citizens 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:
- 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) 221(d)(4) Affordable program that meets the definition of Affordable Housing included in the HUD Multifamily Accelerated Processing Guide, Revised January 29, 2016, 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 rental units.
- Rehabilitation/Renovation of multi-family 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 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 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.
Application and Guidelines
- Affordable Multi-family Housing Loan Program Guidelines (PDF)
- Part 1: Mandatory Application Components (PDF)
- Part 2: Scoring Criteria (PDF)
- Part 3: Application Affidavit (PDF)
Applicants must provide all of the components listed in Part 1 as well as a signed affidavit (Part 3).
For More Information
Housing Finance Project Manager
Division of Housing and Community Development
102 Heritage Way N.E., Suite 103
P.O.Box 7400 Leesburg, VA 20177
Email Rebekah King