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☷ Loudoun County Virginia - Loudoun Accepting Loan Applications for Development of Affordable Multi Family Rental Housing

☷ Loudoun County Virginia - Loudoun Accepting Loan Applications for Development of Affordable Multi Family Rental Housing

Loudoun County , state Virginia
| 7
   
   Loudoun County’s application process for the Affordable Multi - Family Housing Loan Program has opened with the release of the
   2022 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 housing rental units . The loans are to be used in conjunction with the
   Virginia Housing Development Authority Low - Income Housing Tax Credit Program
    and/or the
   U . S . Department of Housing and Urban Development 221 ( D ) ( 4 ) Program
    financing .
   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% of Area Median Income , providing longer affordability periods than required 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 Wednesday , August 17 , 2022 , at 10:00 a . m . To register for a pre - application meeting or for more information about the application process , contact Housing Finance Project Manager Rebekah King
   by email
    or 703 - 771 - 5718 . Complete applications must be submitted by 5:00 p . m . , Monday , October 3 , 2022 .
   The Affordable Multi - Family Housing Loan Program is one of several initiatives created by the Loudoun County Board of Supervisors to increase the supply and retention of affordable multi - family rental housing units in the county . The program encourages private investment by providing gap financing to address unmet housing needs . For more information about the program and application process , visit
   loudoun . gov/multifamilyfinancing
    .
   Loudoun County has a number of programs aimed at helping families achieve safe and affordable housing . More information about Loudoun County’s housing programs is online at
   loudoun . gov/housing
    .
   # # #
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