Grant will stimulate innovative regional affordable housing initiatives
Virginia Housing announced this week $40 million in grants to Virginia’s 21 Planning Districts. This initiative marks the first time Virginia Housing has provided funding to invest directly into housing production. Based on the region’s population, the CSPDC will receive $2 million of the statewide grant allocation.
“We are pleased to receive this funding from Virginia Housing,” CSPDC Commissioner and Staunton City Council member Carolyn Dull said. “These funds will allow the CSPDC to develop new housing initiatives that address the critical shortage of affordable and workforce housing in the region. We know that affordable housing and access to good jobs go hand-in-hand in creating a strong economy and this grant will help to build those strong communities.”
“The three-year grant will allow the CSPDC to look comprehensively at regional housing needs and prioritize projects and programs where funding would be the most impactful,” CSPDC Deputy Director Elizabeth McCarty said. “Grant funds could be used for any number of housing initiatives including financing the construction of new housing units, renovating existing vacant properties, developing mixed-used housing, or creating upper-story housing in downtown business districts.”
Through this opportunity, the CSPDC will work closely Virginia Housing and the region’s housing delivery partners including local governments, housing authorities, non-profit organizations, developers, and other groups working to address the need for more affordable rental and homeownership housing units.
The CSPDC plans to bring stakeholders together to launch the program this fall.