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Loudoun County approves $3M loan to build affordable housing

The 30-year loan will build nearly 100 affordable homes

Photo via Shutterstock/alexmisu

Living in Loudoun County can be tough for those who can’t afford the median home value, which, according to Redfin, is $458,000. Thanks to the County’s Board of Supervisors, the housing stock will be more diverse and affordable. Last week, the Board unanimously approved a 30-year, $3 million loan that will produce 96 affordable apartments. The loan will come from the County’s Housing Trust Fund, according to WTOP.

The new rentals will be in two buildings constructed near Belmont Country Club and near Virginia Route 7 and Claiborne Parkway. The residences will include low-income housing, workforce housing, and disability housing, each restricted to certain income requirements, based on area media incomes.

According to Loudoun Now, construction is expected to take two years with rents that will be restricted to $1,135 per month for a one-bedroom unit up to $1,525 for three-bedrooms.

This move comes after the changes in October 2017 to the County’s Affordable Dwelling Unit program that brought it into line with Virginia Housing Development Authority and U.S. Department Housing and Urban Development requirements, as reported by Loudoun Now.

Why wealthy Loudoun County wants more affordable housing [WTOP]

Loudoun to Loan $3 Million for Affordable Housing [Loudoun Now]