Because one of my areas of specialty is working with first time home buyers, I participated in the Dulles Association of Realtors forum on affordable housing today. I was encouraged by the updates from three programs whose sole focus is to fund and develop this type of housing. I will spend more time digging deeper into each program in later posts.
The Affordable Dwelling Unit program oversees government sponsored rental and housing units that are set aside in Loudoun County. For certain new home developments, legislation requires that they set aside a percentage of their units for this program. Qualified applicants rent or purchase these units at a much lower price. The Loudoun County chapter of Habitat for Humanity, in existence since 1993, works side by side with families to restore or raise up their own homes so they can finance them at a very reasonable rate. Another non-profit group, the Windy Hill Foundation, provides rental units to qualified families at reduced rates.
Each program has its own application process and qualification criteria. Typically, they require the family to be earning between 30-70% of the Area Medium Income, which in Loudoun is $107,000. They are all making a difference one family at a time and each of these programs expect to be expanding next year! However, even with these programs, it is estimated that there is a need for 25,000 more of these types of units. If you are interested in helping out or learning more about these programs, let me know and I can put you in touch with the right people!