More than 3,000 homes for low-income households are closer to becoming a reality due to more than $150 million in financing for 47 projects in Virginia.
The Affordable and Special Needs Housing loans were announced last week and will benefit projects in the cities of Waynesboro, Harrisonburg and Charlottesville.
The loans will leverage $974 million in public and private resources, bringing a total of $1.1 billion of affordable housing to construction in communities.
The Virginia Department of Housing and Community Development administers the ASNH loans, which combine state and federal resources to provide gap financing that expedites construction of new and renovated housing.
Funding comes from four main sources:
- the federal HOME Investment Partnerships Program
- the federal National Housing Trust Fund
- Housing Innovations in Energy Efficiency
- the Virginia Housing Trust Fund
“Housing is the cornerstone of our communities,” said Maggie Beal, director of DHCD. “The Affordable and Special Needs Housing program represents Virginia’s commitment to improve the quality of life for all citizens in the Commonwealth.”
ASNH loans are awarded through a competitive process. Ninety-one applications were received, requesting more than $243 million.
The full list of recipients for all 47 projects is available online.
To learn more about the program, visit www.dhcd.virginia.gov/asnh.
Local projects receiving ASNH loans
- Charlottesville: $4.0 million, Piedmont Housing Alliance, Friendship Court Apartments, Phase 3A; $3.6 million, Piedmont Housing Alliance, 501-B Cherry; $3.2 million, Piedmont Housing Alliance, Friend Court Apartments, Phase 3B; $699K, Piedmont Housing Alliance, PCLT FC TH PH2/250 Bypass/701 Prospect Avenue
- Harrisonburg: $5.0 million, Beverly J. Searles Foundation, Wisteria Gardens of Harrisonburg Senior Apartments; $1.4 million, Valley Housing Trust, Market Commons PSH
- Waynesboro: $4.4 million, Enterprise Community Development, 1030 Alston Court
The Alston Court project also received a $560,000 grant in July that will be administered through the Central Shenandoah Planning District Commission. The project is located adjacent to Brandon Ladd apartments in Waynesboro.
Related stories
- Waynesboro, Harrisonburg projects receive grant funding for affordable housing development
- On the verge of homelessness: Waynesboro faces high housing demand, low inventory
- Fourteen projects in Virginia get millions in loans for affordable, special needs housing
- Nearly $130M in funding announced to expand affordable housing in Virginia
- Harkins breaks ground on Charlottesville affordable housing project
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Crystal Graham
