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Board adopts guidelines for Affordable Housing Fund to provide gap financing; fund to reach $31M by FY2029
Summary
The Board of County Supervisors unanimously adopted guidelines to stand up an Affordable Housing Fund administered by the Office of Housing and Community Development with $16 million initially committed and $5 million annual contributions beginning FY2027 to reach $31 million by FY2029; loans will typically cap at $75,000 per affordable unit and at 20% of a project's non-county funding.
Joanie Duckett, director of the Office of Housing and Community Development, presented the proposed Affordable Housing Fund guidelines and the operational framework for the Affordable Dwelling Unit program. Duckett said the fund will provide flexible gap financing to support development, preservation and rehabilitation of affordable rental and for-sale units and that the Office will administer the program. "Currently, the affordable housing fund has 16,000,000 veil for financing of eligible product projects with an annual contribution of 5,000,000 beginning in FY 2027, which will by fiscal year 2029 provide 31,000,000 to the fund," Duckett said on the record.
Duckett outlined eligibility, scoring, maximum loan terms and program administration: loans will typically not exceed $75,000 per affordable unit, and the loan may not exceed 20% of a project's total non-county funding; affordability periods will run at least 15 years and up to 50 years or until loans are repaid. The Office described a calendar for applicants — an initial developer introduction in January 2026, a pre-application meeting March 26, release of the first NOFA on May 1 and application due date Aug. 1, 2026 — with funding decisions to be presented to the board in December 2026 after housing-board endorsement. The board discussed scoring methodology and administrative approval; several supervisors voiced support and a directive was requested to compare Loudoun County's recent trust-fund revisions and to return with recommendations. The motion to adopt the guidelines passed unanimously.
