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 committee voted to recommend the Board NOT approve a $1,080,000 loan (motion carried 4–0–1).

Overlook at Broadlands Apartments (Fitch Irick and VanMeter): the applicant requested $6.9 million to support 62 three-bedroom multifamily units (58 eligible units after accounting for ADU requirements). Staff scored the application below threshold (67.86 of 129) citing short affordability period (30 years), limited deep-affordability units, and no on-site resident services; the committee recommended the Board NOT approve the loan (motion carried 4–0–1).

Village at Clear Springs (Good Housing / Green Street Housing): staff and ERT scored the application above the program threshold (86.86) but flagged an adjusted leverage ratio and high county subsidy per eligible unit ($247,000 per eligible unit) because the development was also meeting a 106-unit ADU requirement from the master plan; staff recommended denial as the county funds would leverage less efficiently than other proposals. The committee voted 3–1–1 to not approve the $18.3 million loan request but directed staff to waive the Sept. 2 application deadline and allow the applicant to resubmit for consideration in the current round (Supervisor Letourneau opposed; Umstead off dais). Committee members said they would consider a resubmission that reduced the county loan request or otherwise improved the leverage ratio.

Why it matters: Staff stressed the county has finite Housing Trust resources (about $46 million available) and that awards must be weighed against unit yields from other proposals; staff noted the four current requests would, if approved at full value, nearly exhaust available funds for FY26. The committee emphasized consistency with program scoring criteria, the difference between ordinance-required ADUs and “bonus” units eligible for county subsidy, and the trade-offs between long-affordability periods and leverage per county dollar.

Votes at a glance: - Moorefield Station Apartments — motion to recommend Board approval of loan up to $19,296,461 (outcome: approved by committee 4–0–1). - Stone Ridge Townhomes — motion to recommend Board NOT approve loan up to $1,080,000 (outcome: approved by committee 4–0–1). - Overlook at Broadlands Apartments — motion to recommend Board NOT approve loan up to $6,900,000 (outcome: approved by committee 4–0–1). - Village at Clear Springs Apartments Phase 1 & 2 — motion to recommend Board NOT approve loan up to $18,300,000 and waive 09/02/2025 application deadline to permit resubmission (outcome: approved by committee 3–1–1: Supervisor Letourneau opposed; Supervisor Umstead off dais).

Quoted: “This does provide the opportunity for the County to support transit oriented attainable housing development,” staff said while describing Moorefield’s proximity to the Ashburn Metro. On the issue of ordinance-required ADUs, staff said: “Those ADUs already would have been provided per the Zoning Ordinance whether or not we supported them or not. And so that is kind of the rationale behind why we will not support affordable dwelling units under this program.”

What’s next: The committee’s recommendations will go to the full Board of Supervisors; staff will accept a resubmission from Village at Clear Springs under the waived deadline and will continue to refine the attainable housing loan program and funding plan for future board consideration.