The Virginia Housing Trust Fund is a special allocation of state funds intended to help address the commonwealth’s housing needs and reduce homelessness. The loan pool provides low-interest loans to meet the financing needs of housing projects directed toward key state housing policies. Repayment rates and terms will be tailored to each project’s needs. Projects demonstrating financial sustainability and leveraging will receive priority consideration. Projects will be selected through a competitive application process. The maximum amount for a Housing Trust Fund loan is $750,000.
Eligible applicants include local governments, local housing and redevelopment authorities, regional or statewide organizations providing housing/homeless assistance or services to Virginia citizens and hold companies created for owning and operating affordable housing. Eligible organizations may contract with other parties to assist in providing the housing or other resources required to satisfy the condition of the grant or loan product.