Affordable Multi-Family Housing Loan Program 

  1. Overview
  2. Accomplishments

Purpose of the Program

  • The Affordable Multi-Family Housing Loan Program has been established to provide gap financing to affordable multi-family rental housing projects to encourage private investment to address the unmet rental housing needs of Loudoun County citizens and workers. The program focuses on the housing needs of households earning up to 60% of Area Median Income (in 2022, $85,400 for a family of four). 
  • Loans will be provided to finance units in excess of the minimum number of Affordable Dwelling Units necessary to satisfy the requirements of Article 7 of the Zoning Ordinance and may include:

Eligible Uses

The program will aid in funding the construction, rehabilitation, and/or preservation of affordable rental housing in the county, at the discretion of the Board of Supervisors to include:

  • Construction of affordable multi-family rental units.
  • Real estate acquisition directly linked to preservation, construction or rehabilitation/renovation of affordable multi-family housing rental units.
  • Rehabilitation/renovation of multi-family rental affordable units. 

Completed or In-Progress Multi-Family Loan Projects

Development Award Year Status Loan Amount Total Units
Stone Springs 2017 Open $3 million 128
Ashburn Chase 2018 Open $2.46 million 96
Loudoun View Senior 2019 Open $5.225 million 98
Poland Hill 2019 Under Construction $1.8 million 78
Tuscarora Crossing, Phase 1 2020 In Development $5.65 million 90
Tuscarora Crossing, Phase 2 2021 In Development $4.5 million 90
Waxpool Apartments 2022 Under Construction $2.5 million 52

Current Projects

Stone Springs Ribbon Cutting_Sept_2019 (29)
Stone Springs Ribbon Cutting_Sept_2019 (20)