~ 10 projects leverage state and federal funding to support new, affordable housing options ~
Governor Ralph Northam recently announced more than $6.5 million in Affordable and Special Needs Housing Loans for ten projects in ten localities across the Commonwealth. These projects are focused on affordable new construction and rehabilitation housing projects, as well as permanent supportive housing options for people with intellectual and developmental disabilities.
“By funding projects like these, we are working to ensure that more Virginians in need have safe and affordable housing options,” said Governor Northam. “I commend this partnership between federal, state, and local partners that are working to develop and preserve affordable housing in the Commonwealth, which in turn strengthens our economy and gives Virginians the tools they need for success.”
Affordable and Special Needs Housing grants and loans are awarded through a competitive process. Since the creation of the Virginia Housing Trust Fund in 2013, Virginia has almost doubled its annual investment in affordable housing initiatives to support moderate and low-income families.
“The Affordable and Special Needs Housing program, which combines both state and federal housing resources including the Virginia Housing Trust Fund, is an important way to create and preserve affordable housing units within the Commonwealth. We know that affordable housing is key to so many developmental and economic opportunities focused on advancing Virginia’s communities,” said Secretary of Commerce and Trade Esther Lee.
The Virginia Department of Housing and Community Development administers the 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, and the Virginia Housing Trust Fund. The Commonwealth’s commitment to affordable housing through investments in the Virginia Housing Trust Fund is critical to the program’s ability to serve more Virginians.
Twenty-three applications were received, requesting more than $17.5 million. These proposals were reviewed, evaluated, and scored, with proposals then ranked and award offers recommended to the highest-ranking proposals based on funding availability. The ten funded projects represent a proposed investment of just over $6.5 million and will create or preserve 451 affordable housing units.