Fourteen projects in Virginia have received more than $22 million in loans for affordable and special needs housing throughout the state.
The projects will create and preserve 877 total units for low-income and extremely low-income households.
Despite the need, no projects were selected in Staunton, Augusta County or Waynesboro. Three projects in Charlottesville received loans including the Greater Charlottesville Habitat for Humanity and Piedmont Housing Alliance.
“By bolstering Virginia’s affordable housing stock, we are strengthening our growing economy and planting the seeds of lasting economic empowerment through the power of home ownership,” said Virginia Gov. Glenn Youngkin. “By making targeted investments in transformational projects, we can create an even brighter future with greater opportunities for all Virginians.”
The Virginia Department of Housing and Community Development administers Affordable and Special Needs Housing loans which combines state and federal resources to provide a simplified and comprehensive 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 provided by the General Assembly 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.
“The ASNH program serves as a crucial factor to making affordable housing available to hard working families and our most vulnerable Virginians,” said Bryan Horn, Virginia Department of Housing and Community development director.
Projects selected for loans to boost affordable housing
- $2,945,398: Surber Development and Consulting LLC, Pleasant View, Shenandoah County
- $2,423,000: Community Housing Partners, North Fork Manor, Smyth County
- $2,400,000: Piedmont Housing Alliance, PSCC Apartments, City of Charlottesville
- $2,345,049: Green Street Housing, Jersey Park Apartments, Isle of Wight County
- $2,000,000: Lynx Ventures Inc., Oak Grove Apartments, City of Richmond
- $2,000,000: The Lawson Companies, Miller’s Rest Apartments III, City of Lynchburg
- $1,800,000: Woda Cooper Development, Bains Pointe, City of Portsmouth
- $1,200,000: Greater Charlottesville Habitat for Humanity, Flint Hill Project A, City of Charlottesville
- $1,200,000: Greater Charlottesville Habitat for Humanity, Flint Hill Project B, City of Charlottesville
- $1,025,000: The Lawson Companies, 700 West 44, City of Richmond
- $936,225: Habitat for Humanity of New River Valley, Airport Road Townhomes, Montgomery County
- $850,000: Restoration Housing, Trinity Commons, City of Roanoke
- $800,000: Community Housing Partners, Legacy on Main, Montgomery County
- $139,765: Virginia Supportive Housing, Gosnold II Apartments, City of Norfolk
Affordable and Special Needs Housing loans are awarded through a competitive process. Fifty-five applications were received for this round of funding, requesting more than $112 million.
To learn more about the ASNH program, visit www.dhcd.virginia.gov/asnh.
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Crystal Graham
