Loudoun Affordable Rental Loan Qualifiers Selected

Loudoun County staff members and the Board of Supervisors’ finance committee have recommended a list of six firms for eligibility to apply to the county’s new Rental Housing Acquisition and Preservation loan program.

The list could also bring three new affordable housing developers into Loudoun.

The program is meant to help retain affordable multi-family rental units in Loudoun that may otherwise be redeveloped or priced higher, by making gap financing available to help firms buy and preserve them. The program emphasizes quick turnarounds compared to other affordable housing funding to help applicants acquire properties before they go off the market. To streamline that process, interested firms must annually prequalify, allowing the county to skip a lengthy screening process when they seek a loan.

In the first year of pre-qualifying applicants, seven firms responded, and six were found to be qualified and experienced affordable housing developers according to a county staff report. A seventh did not provide required documentation by the deadline.

Staff members and the finance committee recommended the Arlington Partnership for Affordable Housing, Enterprise Community Development, Fairstead Affordable, Green Street Housing/Good Works, SCG Development Partners, and Wellington Development Partners. Enterprise, Fairstead and SGC, while experienced in the region, have not worked in Loudoun before.

The committee on Sept. 13 voted to recommend those firms 3-0-2, with Supervisors Matthew F. Letourneau (R-Dulles) and County Chair Phyllis J. Randall (D-At Large) absent. Supervisors are expected to approve the list tonight, Sept. 20.

The county had already previously made a large loan from the fund, offering Winn Development $4.75 million to help buy Sommerset Retirement Community. That proposal was also awarded $1.3 million in state and federal money.

As of Sept. 1, there is $2.45 million available in the Rental Housing Acquisition and Preservation fund.

3 thoughts on “Loudoun Affordable Rental Loan Qualifiers Selected

  • 2022-09-20 at 1:28 pm

    With real estate values expected to decline with rising interest rates and continuing hyperinflation, the Board would be wise to steer clear of any investment in real estate in the near future.

    Of course, the Supervisors are gambling with your money so they don’t care how much they lose.

  • 2022-09-21 at 9:57 am

    Just what qualifies as ” affordable” in this area?! I hear of people being on lists for years for, I think they are called Section 8, housing. Is this affordable or subsidized.
    Is affordable income restricted?
    What are these companies going to do with all the money you’re throwing at them? Buy existing properties, turn them into “projects”, or actually make them liveable with rents under $1500 a month? Does any person or agency then actually go and see what the rents are? They “reapply” every year but what does that mean?
    I’m not sure anyone on any of these Boards or committees have a clue what affordable means in this area.
    NB: the limits for property tax assistance program needs to be revisited. The parameters are really high. I’m greatful I fall into this program, but if I was at the high end of these limits I could afford to pay them! BTW, I can’t imagine what some if these folks are paying, as I have an 199 SQ ft condo and my taxes are over $2k a year! And they are crying poor while spending millions buying more property for the “Town”, which I bet payed NO taxes on those!

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