Loudoun Issues RFP for $25M Housing Trust Fund
On July 30, Loudoun County’s Department of Family Services issued a Request for Proposals (RFP) to eligible affordable housing developers to submit applications for the Affordable Multifamily Housing Loans in accordance with the County of Loudoun Affordable Multifamily Loan program Guidelines approved by the Board of Supervisors on July 3, 2018. The Program is funded by Board appropriations from the County’s Housing Trust through this annual competitive loan application process. Currently, the trust fund has a balance of approximately $25 million.
The fund will be used to leverage private sector resources to provide gap financing for new construction, rehabilitation or preservation of affordable housing in the County. This Notice of Funding Availability also provides details about the upcoming pre-application workshop. Complete loan applications must be submitted by 5 PM on October 1, 2018.
The RFP was the culmination of several months of staff discussion and consultation with neighboring jurisdictions and knowledgeable affordable housing developers to learn more about the guidelines and processes of other established local housing trust funds. Addressing the county’s population growth, patterns of development, and affordability, the Loudoun Economic Development Advisory Commission and the Loudoun Chamber of Commerce have been strong advocates for affordable and workforce housing. At a recent hearing before the Board of Supervisors, Commission Chairman Todd Pearson, when questioned about the feasibility of providing workforce housing in the County, stated:
“Yes, certainly you could push more people to different locations further out [of the county]. But if we want to have the businesses and the economic development here within Loudoun County, the most expensive piece for any business is not the rent, it’s not the location, it’s the talent, it’s the workforce—and if we can’t provide the workforce, we’re going to have a very hard time attracting the businesses that need it.”
Loudoun Board Chairwoman Phyllis Randall has also been a strong proponent of affordable housing opportunities in the County, citing community acceptance, as well as housing affordability being something that is good for business.
“Loudoun and Fairfax are in the running for Amazon, and a diverse housing stock is one of the things Amazon asked for,” said Randall. “So, not only is it important for individuals, it’s important to keep our economy buzzing along.”
We couldn’t agree more.