Affordable and special needs housing got a boost through more than $27 million in loans for 34 projects across the Commonwealth. Two projects in Staunton received funding.
The recommended projects will create and preserve 1,990 total units for low-income and extremely low-income households, including 137 permanent supportive housing, 1,588 new construction units, and 16 units for sale as homeownership opportunities.
“These projects will provide critical support to our most vulnerable populations, strengthening our economy, and improving the quality of life for countless Virginians,” said Virginia Gov. Glenn Youngkin. “Stable and affordable housing is foundational to building a thriving economy. These projects were carefully selected to ensure they make the most impact on their future residents and the surrounding communities.”
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 and comprehensive application process. Funding comes from three main sources: the federal HOME Investment Partnerships Program, the federal National Housing Trust Fund, 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 home ownership. 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.
“Affordable and special needs housing loans continue to be a vital resource for increasing the stock and availability of affordable housing and supporting an economy that works for all Virginians,” said Secretary of Commerce and Trade Caren Merrick.
Affordable and special needs housing loans are awarded through a competitive process.
The two projects in Staunton were:
Pump St. Stage 2 | Valley Area Community Support Inc.
City of Staunton
Pump Street Phase 2 is the new construction of six units of permanent supportive housing in a former commercial space. All six units will be available for rent for households earning up to 30% of the area median income. The project is within a block of public transportation and in close proximity to employment opportunities.
Goose Creek Crossing | Hill Tide Housing Investments LLC
City of Staunton
Goose Creek Crossing is the new construction of 116 units of two- and three-bedroom rental apartments in the city of Staunton available to households earning less than 30-80% of the area median income. The site will include a community building with an exercise room, computer room, laundry facilities, and management and maintenance offices. The development will be served by Commonwealth Catholic Charities to provide resident services, such as homeownership and financial counseling, and employment services.
Sixty-one applications were received for this round of funding, requesting more than $73 million. The funded projects will leverage over $693 million in additional federal, state, local and private lending resources.
To learn more about the ASNH program, visit www.dhcd.virginia.gov/asnh.
A full list of the 2022 spring ASNH awards can be found here.