Affordable Multi-Family Housing Loan Program 

Notice of Funding Availability

The Loudoun County Department of Family Services 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) approved by the Board of Supervisors on July 3, 2018. The program is funded by Board appropriations from the County of Loudoun Housing Trust through this annual competitive loan application process. All applicants must have demonstrated capacity and experience.

Loudoun County will hold pre-application meetings on September 12, 2019, at 10:00 a.m. and September 19, 2019, at 2:00 p.m. at the Shenandoah Building, 102 Heritage Way NE, Leesburg, VA 20176. Please contact Housing Finance Project Manager Rebekah King to register for a pre-application meeting.

Applications are due October 1, 2019.

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) 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
  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 Loudoun County Codified 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 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. The Board of Supervisors and staff will be reviewing the guidelines and the loan review process over the next several months and may adjust them. 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 Loudoun County households at the greatest need in the most economically sustainable way.    

Resources              

For More Information 

Rebekah King
Housing Finance Project Manager
Division of Housing and Community Development
Shenandoah Building
102 Heritage Way N.E., Suite 103
P.O.Box 7400  Leesburg, VA 20177
Email Rebekah King