Northam announces $3.6 million in Affordable and Special Needs Housing loans

virginiaGovernor Ralph Northam today announced more than $3.6 million in Affordable and Special Needs Housing loans for seven projects across Virginia. The seven funded projects will create or preserve 287 affordable housing units, targeting low-income and very low-income Virginians.

“Affordable housing is an important building block for strong regional economies and thriving communities,” said Governor Northam. “Through the Affordable Special Needs Housing program, we are increasing the availability of safe, affordable, and sustainable housing for low-income Virginians and low-income Virginians with special needs so that every person has the opportunity to build a healthy, productive life in our Commonwealth, no matter who they are or where they are live.”

The Virginia Department of Housing and Community Development administers the Affordable and Special Needs Housing program and combines state and federal resources to ensure a simplified application process. Funding comes from three main sources: the federal HOME Investment Partnerships Program, the federal National Housing Trust Fund (NHTF) and the Virginia Housing Trust Fund. The state commitment to affordable housing through investments in the Virginia Housing Trust Fund is critical to the program’s ability to serve more Virginians.

“The Affordable and Special Needs Housing program fills gaps in financing to make possible the creation and preservation of affordable housing for low-income residents,” said Secretary of Commerce and Trade Brian Ball. “Since the creation of the Virginia Housing Trust Fund in 2013, which is part of this program, Virginia has almost doubled its annual investment in affordable housing initiatives to support moderate- and low-income families.”

Affordable and Special Needs Housing grants and loans are awarded through a competitive process. Twenty-three applications were received requesting more than $13.8 million. These proposals were reviewed, evaluated and scored, with proposals ranked and award offers recommended to the highest-ranking proposals based on funding availability.

2018 Affordable and Special Needs Housing Grantees

Organization

Project Name

Amount

Project Location

South River Development Corporation

Alleghany Apartments

$600,000

Town of Clifton Forge

Humanities Foundation

Keswick Senior Apartments

$600,000

Spotsylvania County

Greater Charlottesville Habitat for Humanity

Harmony Ridge Construction

$532,000

City of Charlottesville

Canterbury Enterprises LLC

Townhomes at Warwick Place II

$350,000

City of Richmond

Southside Outreach Group Inc.

North Danville/West Thomas Street Redevelopment Project

$426,464

City of Danville

Petersburg Redevelopment and Housing Authority

Pin Oaks Apartments

$500,000

City of Petersburg

REBJ Inc.

Stephen Woods II Apartments

$600,000

Southampton County

TOTAL

$3,608,646

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