Affordable Multi-Family Housing Loan Program (Notice of Funding Availability)
Notice of Funding Availability: County of Loudoun Affordable Multi-Family Housing Loan Program
The Loudoun County Department of Family Services invites eligible non-profit 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
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.
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 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
. 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.
A pre-application workshop for all prospective loan applicants will be held on August 17, 2018, at 9:00 a.m. in the Shenandoah Room located on the second floor of the Shenandoah Building located at 102 Heritage Way, Leesburg, Virginia.
Complete loan applications must be submitted by
5:00 p.m. EST on October 1, 2018. Incomplete
applications will be rejected. A list of mandatory application components can be found here. The County will not accept required documents after the submission deadline.
An applicant must submit 1 original and 3 hard copies of the loan application, including attachments, as well as an electronic copy via email, including attachments. The loan application shall be mailed or electronically delivered to:
Department of Family Services
Attn. Sarah Coyle Etro, AICP
Division of Housing and Community Development
102 Heritage Way, N.E.
Leesburg, VA 20176
A $500 non-refundable administrative fee is required at the time of submission of the loan application, to partially recover costs to process and underwrite the loan application.