Nearly $130M in funding announced to expand affordable housing in Virginia

More than $129 million in Affordable and Special Needs Housing loans will be dispersed for 78 projects across Virginia to expand low-income housing options throughout the state. The projects will create and preserve 5,358 units for low-income households.

The Shenandoah Valley and Central Virginia will receive nearly $27 million in funding to support new construction and rehabilitation costs:

• Greater Charlottesville Habitat for Humanity, $3.2M: Southwood Rentals I; Southwood Village 3 Single-Family; Southwood Village 3, Townhouses
• Surber Development and Consulting LLC, Augusta County, $2.9M: Overlook Ridge
• Piedmont Housing Alliance, $14.5M: Cherry A&B; Friendship Court Apartments, Phase II; 1025-A & 1025-B Park Street; Northeast 11th Street Building
• Harrisonburg Redevelopment and Housing Authority, $1M: Commerce Village II Annex PSH
• Taft-Mills Group, Staunton, $2.5M: Lily Gardens
• Hill Tide Housing Investments LLC, Staunton, $1.95M: Goose Creek
• Staunton-Augusta-Waynesboro Habitat for Humanity, Inc., $700K: Staunton Workforce Housing Project

The Virginia Department of Housing and Community Development administers Affordable and Special Needs Housing loans which combine state and federal resources to provide a simplified application process. Funding comes from four main sources: the federal HOME Investment Partnerships Program, the federal National Housing Trust Fund, Housing Innovations in Energy Efficiency and the Virginia Housing Trust Fund. VHTF is funded by the Commonwealth and supports financing for housing construction projects that create or preserve affordable housing units, reduce the cost of affordable housing and increase homeownership.

This funding is a key source of financing for these affordable housing initiatives to support moderate- and low-income families, as well as supporting homeless reduction grants to provide rapid re-housing and longer-term housing solutions for individuals experiencing chronic homelessness.

“Accessible and affordable housing is foundational to building a flourishing economy, and our commitment to meeting this essential need is unwavering,” said Secretary of Commerce and Trade Caren Merrick. “These initiatives will not only expand and improve our affordable housing inventory but will also contribute to fostering a more resilient and prosperous Virginia for all.”