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Committee recommends $15 million loan for Avonlea Phase 2 affordable apartments
Summary
The committee recommended the Board of Supervisors approve a $15 million loan to TrueGround Housing Partners for Avonlea Phase 2, a 137-unit affordable development reserved for households at or below 60% AMI; the loan recommendation passed unanimously 5-0.
The Finance, Government Operations and Economic Development Committee on Jan. 14 recommended that the Board of Supervisors approve a $15 million loan from the county housing fund for Avonlea Apartments Phase 2, a 137-unit affordable rental development proposed by TrueGround Housing Partners (formerly Arlington Partnership for Affordable Housing).
Travis Pearlman, housing finance development administrator, told the committee the Affordable Multifamily Housing Loan Program requires units to serve households at or below 60% of area median income (AMI); for Loudoun County, Pearlman noted, 60% of AMI equals $92,850 for a family of four. The county program has funded more than 1,150 affordable units across 13 developments since 2018.
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