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Board adopts Prince William Affordable Housing Fund policies; $5 million annual contributions planned to build $31 million trust
Summary
The Board of County Supervisors unanimously adopted policies to stand up an Affordable Housing Fund intended to provide gap financing to preserve and create units affordable to households at 50% and 80% AMI, with planned $5 million annual contributions starting FY2027 to reach about $31 million by FY2029 and loan terms and scoring criteria set by staff.
The Prince William County Board of County Supervisors voted unanimously to adopt guidelines that will govern a new Affordable Housing Fund designed to provide low-interest gap financing for projects that create or preserve affordable rental and homeownership units.
Program design: Joanie Duckett, director of the Office of Housing and Community Development, said the fund will offer repayable, low-interest loans to fill financing gaps that would otherwise prevent developers from building or preserving affordable units. The fund will support households at or below 50% of area…
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