County Issues $13M in Bonds for Affordable Housing Project

The developers plan 55 three-story, three-bedroom townhomes just south of Brambelton Town Center at the intersection of Northstar Boulevard and Sullivans Cove Square.

County supervisors have authorized Loudoun’s Economic Development Authority to sell up to $13 million in revenue bonds to help finance The Woods at Brambleton Town Center South Townhomes, a price-controlled housing plan.

Those homes will fall under an IRS tax exemption for projects in which either at least 20 percent of the units are occupied by people making 50 percent or less of the area median income, or at least 40 percent of the units are occupied by people making 60 percent or less of the area median income. That means the project will create at least 11 price-controlled units. Tenants will have access to local homeowners’ association amenities including a pool, business center, community room, trails and recreation facility.

50 percent of the Washington, DC Area Median Income, which includes Loudoun, is $63,000 for a family of four.

Revenue bonds are repaid by the project they help finance, as opposed to General Obligations bonds which are repaid out of the county’s tax revenues.

Leave a Reply