Affordable Housing Fund

The Affordable Housing Fund Notice of Funding Availability is administered by the Prince William County Office of Housing and Community Development, which is responsible for advancing housing opportunities and neighborhood resources for low and moderate-income residents. The fund is a direct implementation of the County’s broader housing strategy outlined in the Pathway to 2040 Comprehensive Plan and the Affordable Dwelling Unit Ordinance adopted by the Board of County Supervisors. The program reflects a policy commitment to expanding and preserving affordable housing options while leveraging private investment and aligning with federal and state housing initiatives. The primary purpose of the Affordable Housing Fund is to provide flexible gap financing to eligible development projects that increase or preserve affordable housing units within Prince William County. The fund is structured as a loan program rather than a grant, intended to supplement other financing sources such as Low Income Housing Tax Credits, federal housing programs, and private capital. The program prioritizes developments that serve households earning at or below 80 percent of the Area Median Income, with particular emphasis on those at or below 50 percent AMI. Affordable housing is defined as housing where total housing costs do not exceed 30 percent of household income. Funding may be used for a range of development activities, including acquisition of land or existing housing, construction of new units, and rehabilitation or preservation of affordable housing stock. Eligible project types include multifamily rental developments, preservation of naturally occurring affordable housing, and acquisition of housing at risk of conversion to market rate. However, the fund explicitly prohibits use for operating expenses, developer fees, financing fees, and other non-development costs. The program requires that AHF funds be used only for eligible affordable housing components, particularly in mixed-income or mixed-use developments. Eligible applicants include both nonprofit and for-profit housing developers with demonstrated experience and financial capacity to complete similar projects. Applicants must show acceptable credit history and provide evidence of their ability to secure additional financing. The program requires a leverage ratio of at least 1:5, meaning that each dollar of AHF funding must be supported by at least five dollars from other funding sources. Loans are capped per unit, with higher caps available for projects serving extremely low-income households. Applicants must also commit to long-term affordability requirements, typically ranging from 15 to 50 years. The application process is competitive and requires submission of a comprehensive loan application package through the County’s online portal. Required components include detailed project descriptions, financial pro formas, development budgets, site control documentation, and evidence of other funding commitments. Applicants must also submit an affidavit certifying the accuracy of their application and agree to ongoing reporting and compliance requirements. The Office of Housing and Community Development reviews applications for completeness and then scores them based on established criteria such as affordability, financial feasibility, project readiness, and developer experience. The timeline for the current funding cycle includes a release date of May 1, 2026, and an application deadline of July 1, 2026 at 5:00 p.m. Eastern Time. Pre-application informational meetings are offered, but no formal pre-application submission is required. Applications are reviewed in the months following submission, with award announcements anticipated in October 2026 and final funding decisions no later than February of the following year. Approved projects may proceed to loan closing within 30 to 60 business days after approval, subject to final documentation and conditions. Evaluation criteria prioritize projects that deliver the greatest number of high-quality affordable units, serve households with the greatest need, and demonstrate strong financial and operational feasibility. Additional scoring factors include project location, integration into the community, accessibility features, and sustainability measures. The program also emphasizes long-term affordability, leveraging of funds, and alignment with County housing goals. Applicants are encouraged to design projects that maximize impact while maintaining economic sustainability and compliance with all applicable regulations.

Prioritize projects serving <=50 percent AMI; demonstrate strong leverage and financing commitments; ensure complete and accurate application materials; align with scoring criteria emphasizing affordability and readiness