Affordable Housing and Special Needs Housing Programs
The Affordable Housing Production Program (AHPP) provides below-market-rate loans and deferred loans for the development or creation of affordable accessible housing. Projects that fit the program guidelines include: acquisition when rehabilitation is a component of the project; rehabilitation without acquisition; and new construction of rental projects containing four or more units and congregate housing projects.
AHPP funds may also be used as a subsidy layer for the construction of units that will be offered for sale to eligible low-income buyers.
Virginia’s set-aside of HOME Investment Partnership Fund (HOME) funds for Community Housing Development Organizations (CHDO’s) is included in this program for CHDO-eligible activities. The program is intended to fill the gap in financing needs for those projects providing affordable rental units to low- and very- low income tenants.
Other programs that can be a resource for housing production and preservation include the Low Income Housing Tax Credit Program. Sources for information on this program and other sources of finance include:
