Loudoun Chamber praises County Administrator’s plan to create recurring funding stream for Affordable Housing
Hemstreet’s plan to dedicate a half-penny of real property tax rate
will generate $5.9 million for Affordable Housing next year
Lansdowne, VA – The President & CEO of the Loudoun Chamber of Commerce today offered the Chamber’s support for Loudoun County Administrator Tim Hemstreet’s plan to dedicate one-half penny of the property tax rate to invest in Loudoun’s affordable housing needs.
Hemstreet’s proposal would generate $5.9 million for the county’s housing program in the next fiscal year, while creating a recurring revenue stream that would provide additional ways to finance solutions to Loudoun’s housing affordability crisis.
“I applaud Mr. Hemstreet for this proposal to create Loudoun’s first-ever recurring funding to support affordable housing programs. Loudoun’s housing affordability crisis requires a serious effort by private and public sector partners and involves serious investments and policy changes to address this deep-rooted problem. Once adopted by the Board of Supervisors, this proposal will send a strong signal that Loudoun County is serious about addressing this crisis,” said Chamber President Tony Howard.
As the Washington Business Journal noted recently, Loudoun County is the only Northern Virginia jurisdiction that does not have a dedicated funding source for its affordable housing program.
Loudoun estimates that by 2040 it needs up to 51,000 new residences, including 16,000 units that are affordable to workers making at or below the County’s median income.
The Loudoun Chamber has been working with County Supervisors and staff to ensure the ongoing zoning ordinance review will address the housing unit shortfall, and ensure Loudoun is better equipped to house the workforce needed to support and grow Loudoun’s strong and growing economy.
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Andrea Winey Vice President of Communications & Events
- February 11, 2022
- (703) 777-2176
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