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For the purpose of this chapter, the following words and phrases shall have the meaning given to them in this section except where the context indicates a different meaning.
(a) "Applicant" means an owner of residential rental property that consists of at least two rental units occupied, or to be occupied, by persons of low and moderate income or a person or entity which seeks to improve certain owner-occupied dwelling units, who submits a completed application for the purposes stated in section 1460.01 in accordance with the Housing Funds Guidelines approved by the Board of Supervisors on July 1, 2008, the Multi-family Housing Loan Program Guidelines approved by the Board of Supervisors on July 3, 2018, as amended on July 18, 2019, the Rental Housing Acquisition and Preservation Loan Program Guidelines approved by the Board of Supervisors on January 18, 2022, as amended, or any other loan or grant program and their respective guidelines adopted by the Board of Supervisors under Chapter 1460, as amended and as applicable.
(b) "Loan" means funds provided to an applicant under this chapter as a loan secured by a deed of trust to ensure repayment of the loan, and to ensure compliance with other conditions of the loan set forth herein, to be used for the purposes set forth herein.
(c) "Grant" means funds provided to an applicant under this chapter as a loan secured by a deed of trust to ensure compliance with the conditions of the loan set forth herein, to be used for the purposes set forth herein; provided, however, that upon compliance with all conditions of the loan, the loan shall be forgiven. The term grant also means the disposition to an applicant of County owned real property occupied, or to be occupied by persons of low and moderate income to be used for the purposes set forth in section 1460.01.
(d) "Low and Moderate Income Persons" means a person or family whose combined income is 100% or less of the Annual Median Income as determined by the United States Department of Housing and Urban Development for the Washington Metropolitan Area.
(Ord. 09-01. Passed 1-12-09; Ord. 22-04. Passed 3-9-22; Ord. 24-08. Passed 9- 11-24.)
The County of Loudoun may make grants or loans to owners of residential rental property occupied, or to be occupied, by persons of low and moderate income, for the purposes set forth herein. Such loans or grants shall be subject to conditions and restrictions as set forth herein.
(Ord. 09-01. Passed 1-12-09; Ord. 24-08. Passed 9-11-24.)
(a) The County shall condition any grant or loan on the applicant providing a minimum of 20 percent of the units for low and moderate income persons as defined herein for a minimum of ten years, and upon granting a deed of trust on the rental property for which the grant or loan is made to secure repayment of the loan and/or compliance with the conditions and restrictions of the grant or loan.
(b) The County may provide grants or loans for site improvements essential to the development, preservation or rehabilitation planned.
(c) The County may provide grants or loans to owners or occupants to develop, preserve and upgrade apartment buildings; to improve health and safety; to conserve energy; to prevent erosion; to enhance the neighborhood; and to reduce displacement of low and moderate income residents of the property.
(d) The County may provide that the value of grant or loan assistance given by the County under subsections (b) and (c) be proportionate to the number of dwelling units rendered by the owner at reduced rents for persons of low or moderate income.
(e) The County may make a loan or grant of local funds to individuals for the purpose of rehabilitating owner-occupied residences or assisting in the purchase of an owner-occupied residence in designated conservation or rehabilitation districts. Any such loans or grants shall be applied using the income guidelines issued by the Virginia Housing Development Authority for use in its single family mortgage loan program financed with bonds on which the interest is exempt from Federal income taxation. Financial institutions as defined in Va. Code Section 6.2- 604 shall be given the opportunity to participate in loans made under this subsection.
(Ord. 09-01. Passed 1-12-09; Ord. 24-08. Passed 9-11-24.)
The grants and loans provided under this chapter to owners of residential rental property for the production or repair of residential rental property, or for the benefit of certain owner- occupied property, shall be administered by the County Administrator or his/her designee in accordance with the purpose and provisions of this chapter. The County Administrator may adopt rules and regulations to ensure compliance with the integrity and legislative intent of this chapter, and such other rules and procedures as may be necessary and consistent with those outlined in the Housing Funds Guidelines approved by the Board of Supervisors on July 1, 2008, as may be revised from time to time, including but not limited to application process, use of funds, application review criteria, funding priority, application submission and review process, submission criteria and required documentation. The loans related to the Multi-family Housing Loan Program and the Rental Housing Acquisition and Preservation Loan Program shall be approved at the discretion of the Board of Supervisors, in accordance with the Multi-family Housing Loan Program Guidelines dated July 3, 2018, as amended, or the Rental Housing Acquisition and Preservation Loan Program Guidelines, approved on January 18, 2022, as amended, respectively. Any new loan or grant program authorized by the Board of Supervisors under Chapter 1460 shall be regulated and administered in accordance with the guidelines adopted by the Board of Supervisors at the time of establishment of such new program.
(Ord. 09-01. Passed 1-12-09; Ord. 22-04. Passed 3-9-22; Ord. 24-08. Passed 9-11-24.)