Prince William County is gearing up to launch a new program that will use taxpayer dollars to finance affordable housing built by private developers and roll out a new website that will list available affordable homes in the county.
On Tuesday, the Prince William Board of County Supervisors approved guidelines for an affordable housing loan program set to begin next year. The $16 million fund will provide gap financing for developers to build affordable units.
The new website is expected to launch in the spring of 2026.
An example of a listing for an affordable home that could appear on Prince William County’s new webpage, which will list the availability of affordable units and how to apply for them.
The finance program is part of the county’s first-ever affordable housing ordinance, which the supervisors established in June to boost the local supply of affordable housing. The ordinance, which went into effect this month, will offer incentives for developers who price a portion of the new homes they build “affordably” for those making either up to 50% or 80% of the area’s median income.
Based on the region’s median family income of about $163,000, a single person making up to $74,800 – or a family of four earning up to $106,800 – would qualify as making 80% of the area median income.
A single person earning up to $57,500 a year, or a family of four earning $81,950 would qualify for the homes at the 50% benchmark.
Affordable housing is an issue the supervisors have been working to address for the past few years. To fuel the affordable housing fund, the board has set aside $5 million in tax revenue a year since fiscal year 2024. The board plans to dedicate another $5 million in tax revenue each a year through fiscal year 2029, for a total of $31 million.
The loan program will support the development of multifamily affordable units, the acquisition of affordable housing to be preserved, and the renovation of affordable units.
Next month, the county’s housing office will host an introductory meeting for developers interested in applying for a loan. The first 90-day application period is expected to open on May 1, 2026, with a deadline of Aug. 1. The county’s housing board will consider applications in October, with the board making final funding decisions in December.
To be eligible for a loan, developers must have secured funding sources, pledge to keep their homes have an affordable for 15 to 50 years and include have rent and mortgage affordability restrictive covenants.
The maximum loan amount would be $50,000 per unit priced for households earning 80% of the area median income or $100,000 per unit priced for those making 50% of the area median income. According to Joan Duckett, director of the county’s office of housing and community development, the average loan amount would be $75,000 per affordable unit.
Loan amounts are dependent on how a project meets the county’s housing needs, its characteristics, the project’s readiness, the experience of the project’s team, budget, financing and how much funding is available.
“Applications receive the highest consideration when they show that the project will produce, preserve and approve the largest number of high-quality affordable housing units, especially for the households with the greatest need,” Duckett said.
As part of the loan program, the housing office’s website will create a webpage listing affordable for-sale and rental units and how residents can qualify to rent or buy the homes.
Following the approval of the program guidelines, Supervisor Kenny Boddye, D-Occoquan, directed county staff to consider revisions to the guidelines by seeking guidance from Loudoun County.
According to Boddye, Loudoun County has revised their affordable housing fund policies five times. He said he wants to ensure Prince William County is on the right track.
“It is a work in progress, and it is important to us that we get it right the first time,” Boddye said.
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