Loudoun County Seeks Attainable Housing Applications From Developers

LOUDOUN COUNTY, VA — Loudoun County is ready to provide loans to developers providing new housing for households with limited income.

The Loudoun County Board of Supervisors had approved the Attainable Housing Loan Program on June 17. Applications are now open to developers for proposals of acquiring, renovating, preserving or developing attainable housing. The new program consolidates the county's Affordable Multi-Family Housing Loan Program and the Rental Housing Acquisition and Preservation Loan Program.

The financing is limited to units serving households up to 70 percent of the area median income for rental units, which is $114,750 for a household of four people. For homeowner units, financing is limited to units serving households making up to 100 percent of the area median income, which is $163,900 for a household of four.

The Board of Supervisors had adopted a goal of adding 8,200 new attainable housing units by 2040 in its Unmet Housing Needs Strategic Plan.

Eligible for-profit and nonprofit housing developers can apply for the loan program until 5 p.m. on Sept. 1. More information about the program requirements is available on the county's Attainable Housing Loan Program web page.