Multi-Family housing loan program application process open for developers

Loudoun County’s application process for the Affordable Multi-Family Housing Loan Program for developers has opened with the release of the 2023 Notice of Funding Availability.

For-profit and nonprofit affordable housing developers are eligible to apply for loans for the development of long-term, affordable, multi-family rental housing units in Loudoun. The loans are to be used in conjunction with the Virginia Housing Low-Income Housing Tax Credit Program and/or the U.S. Department of Housing and Urban Development Federal Housing Administration 221(D)(4) mortgage insurance program.

The application process is competitive. Project applications will receive points in the following categories:

• Consistency with Countywide Housing Needs: Scoring will be higher for projects serving a mix of incomes below 60% Area Median Income, providing longer affordability periods and in close proximity to transportation and jobs.
• Project Design: Scoring will be higher for projects that have universal design, innovative features, services, and project amenities.
• Project Readiness: Scoring will be higher for projects with construction plans that are permit ready, have a public participation process, and where project feasibility is clear.
• Experience: Scoring will be higher for projects with a design team, general contractor, developer and property manager with relevant project experience who have a track record of project completion, strong organizational capacity and success at building partnerships.
• Budget and Leverage: Scoring will be higher for projects that have a sound financing plan, clear budget documents, multiple funding sources, developer participation, meet leverage requirements and have reasonable operating costs.

Loudoun County will hold a pre-application meeting Thursday, August 17, 2023, at 10 a.m. To register for a pre-application meeting or for more information about the application process, contact the Department of Housing and Community Development at housing@loudoun.gov or 703-737-8323. Complete applications must be submitted by 5 p.m., Monday, Oct. 2, 2023.

The Affordable Multi-Family Housing Loan Program is one of several initiatives created by the Board of Supervisors to increase the supply and retention of affordable multi-family rental housing units in Loudoun County. The program encourages private investment by providing gap financing to address unmet housing needs.

Loudoun County has a number of programs aimed at helping families achieve safe and affordable housing. More information about Loudoun County’s housing programs may be found at loudoun.gov/housing.