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Board declines Clear Springs loan request, allows resubmission under new program
Summary
The Loudoun County Board of Supervisors voted 7–2 to decline a requested $18.3 million loan for the Villages at Clear Springs but directed staff to let the applicant resubmit under the county's new attainable housing loan program.
The Loudoun County Board of Supervisors on Oct. 21 declined to approve an $18.3 million request from the Villages at Clear Springs for financing under the county's Affordable Multifamily Housing Loan Program, but the board voted to let the developer revise and resubmit under the new Attainable Housing Loan Program.
Housing staff told the board the Villages at Clear Springs proposed 180 affordable units in a two-phase development near Evergreen Mills Road and Battlefield Parkway. Under zoning and the master developer's ADU obligation, staff said only 74 of the 180 affordable units could be financed by the county. Staff and the multi-department review teams said the project scored above the program's minimum on qualitative factors — including deep affordability, universal design and on-site resident services — but that its financial leverage ratio (county funds to non-county funds) was far below…
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