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McAuliffe announces $8.4 million in affordable, special needs housing loans

Governor Terry McAuliffe today announced more than $8.4 million in Affordable and Special Needs Housing loans for 15 projects in 13 localities across the Commonwealth.

virginiaThese projects will create or maintain nearly 570 affordable housing units. They are focused on affordable new construction and rehabilitation housing options as well as permanent supportive housing options for people with intellectual and developmental disabilities,

“This $8.4 million announcement marks another important step toward ensuring that more Virginians have safe, affordable housing options here in the Commonwealth,” said Governor McAuliffe.  “By focusing on the development and preservation of affordable housing, we are strengthening the foundation of our new Virginia economy and giving Virginians the tools they need to access opportunity.”

Using a streamlined and competitive application process at the Virginia Department of Housing and Community Development (DHCD), qualifying applicants are eligible to receive funding through the HOME Investment Partnership Program (HOME), National Housing Trust Fund (NHTF), and the Virginia Housing Trust Fund (VHTF).  DHCD allocated more than $3.3 million in VHTF loans, nearly $2.9 million in NHTF, more than $1.7 million in HOME funding, and $500,000 in Permanent Supportive Housing funding for this round.

“The Affordable and Special Needs Housing program is an important resource for Virginia to create and preserve affordable housing units within the Commonwealth,” said Secretary of Commerce and Trade Todd Haymore.  “By leveraging both state and federal funding streams, this program provides vital financing assistance to projects that will meet local affordable housing needs and support state housing policy.”

The VHTF provides loans that reduce the cost of affordable rental housing and homeownership. Since its creation in 2013, Virginia has almost doubled its annual investment in affordable housing initiatives to support moderate and low-income families.

The HOME Program and NHTF, funded by the U.S. Department of Housing and Urban Development (HUD), provides annual block grants to states.  Both federal programs are administered in the Commonwealth by DHCD. The NHTF is a new program, with its first allocation beginning with the 2016 – 2017 program year, to support the creation and preservation of affordable housing for extremely low-income households, which are at or below 30 percent of the area median income.

Thirty-four applications were submitted requesting just over $27 million. These proposals were reviewed, evaluated, and scored, with proposals then ranked and award offers recommended to the highest ranking proposals based on funding availability.

 

2016-17 Affordable and Special Needs Housing Awards

Organization Project Name Amount Location
Arlington Partnership for Affordable Housing Gilliam Place East $700,000 Arlington
Community Housing Partners Lindsay Hill Apartments $512,398 Lorton
Community Housing Partners Tranquility at the Lakes $500,000 VA Beach
Community Housing, Inc. Jackson Ward Mixed Income $700,000 Richmond
Helping Overcome Poverty’s Existence, Inc. HOPE MRCSB Group Homes $371,975 Wytheville
Community Housing, Inc. Baker School Apartments $527,627 Richmond
Pathway Homes, Inc. 2017 Pathway Homes Permanent Supportive Housing Program $500,000 Fairfax
People Incorporated Housing Group Pennington Gap Apartments $700,000 Lee County
People Incorporated Housing Group Essex Manor Apartments $700,000 Tappahannock
Hope Community Builders Covenant Heights – Phase V $314,314 Harrisonburg
Virginia Supportive Housing New Clay House II $800,000 Richmond
Rush Lifetime Homes, Inc. Old Forest Village $475,847 Lynchburg
REBJ, Inc. Crewe Village Apartments $500,000 Crewe
Second Act Communities SM Cypress Landing $400,000 Chesapeake
REBJ, Inc. Weaver Manor Apartments $700,000 Emporia
TOTAL   $8,402,161