Finance committee reviews four affordable housing loan applications; approves Moorefield Station request, denies two, and allows resubmission for Clear Springs

The Loudoun County Finance, Government Operations and Economic Development Committee reviewed four loan requests submitted under the Affordable Multifamily Housing Loan Program and took separate votes after staff and executive-review-team (ERT) recommendations.

Moorefield Station Apartments: staff and the ERT recommended approval. The project proposes 249 multifamily units under an affordable schedule (30%, 50%, 70% of area median income) with a 99-year affordability term. The committee voted to recommend that the Board approve a loan for up to $19,296,461 from the Housing Trust, with the loan terms in attachment 5 of the staff item; motion passed 4–0–1 (Supervisor Umstead off dais).

Stone Ridge Townhomes (Fitch Irick and VanMeter): the applicant proposed 24 three- and four-bedroom townhomes, 24 units reserved at 60% AMI for at least 75 years; 18 of those units were already required by the zoning ADU obligation, leaving six units eligible under the loan program. Staff scored the application below the program minimum (59.71 of 129 points) and concluded the request did not leverage county funds efficiently; the…