Virginia commits $10.3 million in loans to support 790 affordable housing units
Virginia is committing $10.3 million in Affordable and Special Needs Housing loans for 14 projects across the Commonwealth, creating or preserving 790 affordable housing units for low-income and very low-income Virginians.
The projects will support new construction and rehabilitation of affordable housing and permanent supportive housing for vulnerable populations and will leverage over $181 million in additional federal, state, local, and private lending resources.
“Quality affordable housing is essential to creating vibrant communities and ensuring that every Virginia family has the opportunity to thrive,” Gov. Ralph Northam said. “That’s why I committed to doubling the Virginia Housing Trust Fund this past General Assembly session and will continue to prioritize efforts to transform our housing stock. This increased funding is even more critical as we work to address homelessness, reduce evictions, and help Virginians facing economic challenges due to the COVID-19 pandemic.”
The funding comes from the federal HOME Investment Partnerships Program, the federal National Housing Trust Fund (NHTF), and the Virginia Housing Trust Fund (VHTF). The Virginia Housing Trust Fund is a key source of financing for this initiative. Governor Northam worked with the General Assembly to double the Virginia Housing Trust Fund to $14 million in the previous fiscal year, which enabled additional awards to projects that will create and preserve affordable housing units, reduce the cost of housing, and increase homeownership.
ASNH loans are awarded through a competitive process, combining state and federal resources to ensure a simplified application process. The Department of Housing and Community Development administers the program to support the creation and preservation of affordable housing and permanent supportive housing for Virginia’s most vulnerable citizens.
“Each of these projects will help to address the significant affordable housing needs of the Commonwealth,” said Secretary of Commerce and Trade Brian Ball. “These new affordable housing units will boost the vibrancy of our communities and help attract economic development opportunities to these communities, while leveraging a variety of sources of funding. I thank our state agencies and the many partners involved in working to secure these important resources.”