In a groundbreaking moment for affordable housing in Loudoun County, Green Street Housing and Good Works are proud to announce the early repayment of $2 million on a $2.5 million loan from the Loudoun County DHCD Affordable Multfamily Loan Program (Housing Trust Fund) managed by Travis Perlman and Janice Chan. This repayment, achieved more than 30 years ahead of schedule, marks a first in the Loan Program’s history and underscores the remarkable success of Waxpool Apartments, an innovative attainable housing development in Ashburn, Virginia.
Waxpool Apartments, a 52-unit community that opened earlier this year, provides high-quality, income-restricted housing for essential workers, families, and individuals with disabilities. Located near the Ashburn Metrorail Station, the project serves as a vital addition to Loudoun County’s attainable housing inventory, addressing critical needs while setting a new standard for excellence
“Repaying this loan early is the result of our team’s tireless pursuit of every possible financing resource,” said Chase Powell, Director of Development at Green Street Housing. “We are honored to return these funds to create more resources for the production of desperately needed attainable housing in Loudoun County. It is rare in affordable housing to give money back, but we pride ourselves on balancing financial responsibility with meaningful community impact, and we are excited to see these funds recycled into creating new housing developments in Loudoun County.”
The Waxpool Apartments project was financed through a mix of public and private resources, including support from the Loudoun County DHCD Affordable Multifamily Loan Program, 4% Low-Income Housing Tax Credit and Tax-Exempt Bonds from Virginia Housing, a grant from the Northern Virginia Regional Commission, and permanent financing from the Virginia DHCD Affordable and Special Needs Housing Program. The unprecedented repayment milestone highlights the effectiveness of this collaborative model and serves as a testament to the transformative potential of public-private partnerships.
“Waxpool Apartments stands as a testament to the Loudoun County Board of Supervisors’ leadership and commitment to affordable and attainable housing,” said Kim Hart of Good Works. “Their support, through the Housing Trust Fund and expedited reviews for affordable housing projects, made this achievement possible and underscores the importance of bold policies in meeting critical housing needs.”
Green Street and Good Works pride themselves on pursuing environmentally sustainable design in all of their projects. It is the first building in Loudoun County to achieve certifications from four leading green building programs, including National Green Building Standard (Silver), Energy Star Multifamily New Construction, DOE’s Zero Energy Ready Homes. Additionally, its solar-powered energy system reduces a significant portion of the building’s power usage, and will offset the equivalent carbon of 20,000 trees over a 20-year period.
On Tuesday, November 3, 2024, the Loudoun County Board of Supervisors formally recognized this achievement at the Loudoun County Government Center in Leesburg, VA. During the event, Green Street Housing’s Tom Ayd and Good Works’ Kim Hart presented a ceremonial check to commemorate the loan repayment.
Founded in 2008 by Dave Layfield and Tom Ayd of Salisbury, Green Street Housing, LLC is a leading affordable housing developer serving communities across Maryland, Delaware, and Virginia. With a focus on high-quality, mission-driven developments, Green Street has built a strong reputation for its expertise in Low-Income Housing Tax Credit financing and partnerships that create lasting community impact and navigating the complex and challenging affordable housing development process.
Good Works is the only attainable housing developer headquartered in Loudoun County. Good Works has more than 20 years of experience winning Federal Low-Income Housing Tax Credits, HUD bonds, and Virginia Housing financing. Kim Hart was the first apartment builder to win the “Signatures of Loudoun” architectural design award, and the first to win the Governor’s Award for Energy Conservation in attainable housing.
