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.
Overview
- 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).
2022-2023 RHAP Certified Developers
- Arlington Partnership for Affordable Housing
- Enterprise Homes
- Fairstead
- Green Street Housing/Good Works
- SCG Development
- Wellington Development