Board approves affordable multi-family rental housing loan

The Loudoun County Board of Supervisors has taken action that will lead to an increase in affordable housing in the county. During its Oct. 21, meeting, the Board approved a loan to a developer to build long-term, affordable, multi-family housing rental units in Ashburn. The Board approved a $19.3 million loan to SCG Development Partners LLC to build Moorefield Station Apartments, a transit-oriented development located within a quarter mile of the Ashburn Metro Station.

The loan will help provide homes for people earning up to 70% of the Area Median Income for a household of four, which is currently $163,900. The loan aligns with the Board’s Unmet Housing Needs Strategic Plan goal of providing more attainable housing for county residents. The developer requested the loan through the county’s Affordable Multi-Family Housing Loan Program and it will be funded from Loudoun’s Housing Trust. The project is to remain affordable for 99 years.

Plans call for Moorefield Station Apartments to have 249 one-, two-, and three-bedroom rental units:

• 26 units would be reserved for households earning no more than 30% of the AMI (currently $49,200)
• 99 units would be reserved for households earning no more than 50% of the AMI (currently $81,950)
• 13 units would be reserved for households earning no more than 60% of the AMI (currently $98,350)
• 111 units would be reserved for households earning no more than 70% of the AMI (currently $114,750)

To learn more about the county’s attainable housing program, and other Loudoun County housing programs, visit loudoun.gov/housing.