Leesburg, VA – December 11, 2008 – (RealEstateRama) – The Loudoun County Department of Family Services, on behalf of the Loudoun County Board of Supervisors, is now taking applications for use of the county’s consolidated Housing Funds. Up to $3 million in proffer and Affordable Dwelling Unit (ADU) program-generated funds is available to help finance the construction of affordable housing in Loudoun County.
The Housing Funds and application process were established by the Board of Supervisors to provide financial resources to assist 501(c)3-designated nonprofit groups and other government agencies in the development and preservation of affordable, workforce housing. The funds will be used to address the unmet housing needs of county citizens and workers with incomes at 100% of the Area Median Income and below, with a preference for projects that address the housing needs of incomes at 60% of the Area Median Income and below. Funds must be used for the hard-cost of housing development to include the construction and rehabilitation of housing units; accessibility improvements, the purchase of units to preserve affordability, rent subsidies, and ADU program support activities.
Release of the Housing Funds to be used as loans or grants for the construction or rehabilitation of rental housing is contingent upon the adoption of an ordinance amendment by the Board of Supervisors. A public hearing to consider the ordinance amendment is scheduled for Monday, January 12, 2009.
Applications will be reviewed in the order in which they are received. Funding decisions will be made based on the merits of each proposal in relation to specific review criteria and the availability of funds. Projects may not be recommended or approved for the full funding that is requested in the application. Limited funding will be available in the form of grants. Loan amounts and terms will be determined on a case by case basis. Proposed projects must significantly leverage other funding sources, to include private, federal, state, and local sources. Additional information about the Housing Funds and the application materials are available at www.loudoun.gov/housing-funds.
Contact: Sarah Coyle Etro, Department of Family Services, 703-777-0387
