Loudoun supervisors on Wednesday voted unanimously to loan nearly $2.5 million from the county’s housing trust to a real estate developer that plans to construct more affordable housing in the Ashburn area.
The applicants, Ashburn Chase, LLC and Ashburn Chase II, LLC, approached the board about the loan to be able to construct 96 energy-efficient affordable apartments in the Regency at Belmont Chase, which will be located near Route 7 and Claiborne Parkway.
The loan commitment from the board goes a long way in helping the developer qualify for low income tax credits and state housing authority tax exempt bonds.
Supervisor Ron Meyer (R-Broad Run) said he believes the loan will help to keep Loudoun’s workforce in the county. Many of the county’s teachers, law enforcement and fire and rescue personnel live outside Loudoun because of high housing costs.
