County and regional leaders are still looking for ways to made housing more affordable—and in some places, debating whether they want to—but in Loudoun, government leaders have made it a priority.
Business leaders have pushed the local government to take action on housing costs in Loudoun, complaining that they have difficulty finding employees because of the high cost of living. In 2016, Loudoun revised its Affordable Dwelling Unit program so it could qualify for state and federal grants. This year, that work continued.
In July, the Board of Supervisors voted to make a 30-year, $3 million loan to help finance affordable housing projects in the county. It was the first time the government opened its Housing Trust Fund for loans. That loan is expected to be leveraged nine-to-one with other sources of funding, and means Glasscock Field at Stone Ridge will build 128 Affordable Dwelling Unit rentals, rather than the required minimum of 27.
In October, the supervisors decided they would use the Housing Trust Fund for a revolving loan program.
And in December, the board voted to designate much of eastern Loudoun as a “revitalization area,” giving projects there a leg up in winning federal tax credits for investing in affordable housing.