During its June 3, 2025, meeting, the Loudoun County Board of Supervisors approved a loan to a developer to build long-term, affordable, multi-family housing rental units. The Board approved a $5.4 million loan to TM Associates, Inc. and The Knustson Companies to build Goose Creek Village West Apartments.
The loan will help provide homes for people earning less than 70% of the Area Median Income, which is currently $114,750 for a household of four. Goose Creek Village West Apartments will have 72 studios, one-, two-, and three-bedroom rental units. The loan aligns with the Board’s Unmet Housing Needs Strategic Plan goal of providing more attainable housing for county residents. The developer requested the loan through the county’s Affordable Multi-Family Housing Loan Program and it will be funded from Loudoun’s Housing Trust.
The Board also reauthorized and approved loans for three previously approved projects:
- Old Arcola School Apartments: The Board approved an amended award of a $4.9 million loan to Wellington Development Partners, LLC and Cornerstones, Inc. to build Old Arcola School Apartments, to provide 73 one-, two-, and three-bedroom rental units. Due to financial restructuring after the initial award of $2 million in February 2024, additional funds were requested and approved for a total amended loan amount of $4.9 million.
- Tuscarora Crossing Apartments (Phase 1): The Board approved a $6.275 million loan to Wellington Development Partners, LLC and Cornerstones, Inc. to build Tuscarora Crossing Apartments (Phase 1), to provide 90 one-, two-, and three-bedroom rental units. The development experienced significant project delays to the extent that the county loan commitment expired in February 2023. The new loan is a combined reauthorization of previous funds, along with an additional request of $425,000 for a new total loan amount of $6.275 million.
- Tuscarora Crossing Apartments (Phase 2): The Board approved a $6.1 million loan to Wellington Development Partners, LLC and Cornerstones, Inc. to build Tuscarora Crossing Apartments (Phase 2), to provide 90 one-, two-, and three-bedroom rental units. The development experienced significant project delays to the extent the county loan commitment expired in February 2024. The new loan is a combined reauthorization of previous funds, along with an additional request of $1.6 million for a new total loan amount of $6.1 million.
All four projects are to remain affordable for at least 75 years.
More Information
To learn more about the county’s attainable housing program, and other housing programs, visit loudoun.gov/housing.
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