AHC Seeks Affordable Housing Loan for Fields at Cascades

Affordable housing developer AHC has asked the county to consider making a loan from its Affordable Multi-Family Housing Loan Program as the group seeks to buy The Fields at Cascades, a 320-unit price-controlled rental community in Sterling, which is up for sale and with price restrictions set to expire in 2025.

AHC Vice President John M. Welsh wrote to the county that the property was built in 1995 using low-income housing tax credits, and today is for sale for $105 million. He wrote AHC’s plan is to acquire the property, renew the affordability covenants, and undertake a substantial renovation of the entire property. According to the county staff, AHC would seek to preserve affordability for at least half of those units for 30 years, continuing to serve households earning 60 percent or less of the area median income, currently $64,500 – $77,400 for a family of four.

Applying for a loan outside of the normal loan cycle timelines is provided for in Affordable Multi-Family Housing Loan Program guidelines with approval from supervisors, which they granted unanimously Nov. 16. AHC will now submit a bid; if that is successful, review on the loan application will proceed.

2 thoughts on “AHC Seeks Affordable Housing Loan for Fields at Cascades

  • 2021-11-26 at 12:29 pm

    I wholeheartedly support additional affordable housing in Loudoun. Obviously, it’s wrong to think Loudoun has nothing but ultra-wealthy residents. But I’d like to see more specifics regarding the actual rent apartment dwellers will have to pay. I know this may be subject to change. But having something in writing (even tentatively) helps inform folks of a ballpark figure they can expect. Good luck AHC. And Happy Holidays Loudoun!

  • 2021-11-27 at 9:27 pm

    Terrible idea. Government should not be loaning money to favored businesses. If there is any excess money, it should be returned to taxpayers.

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