Funding will support new construction and rehabilitation of over 1,900 affordable and special needs housing units
Governor Glenn Youngkin today announced more than $27 million in Affordable and Special Needs Housing loans for 34 projects across the Commonwealth. The recommended projects will create and preserve 1,990 total units for low-income and extremely low-income households, including 137 permanent supportive housing, 1,588 new construction units, and 16 units for sale as homeownership opportunities.
“These projects will provide critical support to our most vulnerable populations, strengthening our economy, and improving the quality of life for countless Virginians,” said Governor Glenn Youngkin. “Stable and affordable housing is foundational to building a thriving economy. These projects were carefully selected to ensure they make the most impact on their future residents and the surrounding communities.”
The Virginia Department of Housing and Community Development (DHCD) administers Affordable and Special Needs Housing (ASNH) loans, which combine state and federal resources to provide a simplified and comprehensive application process. Funding comes from three main sources: the federal HOME Investment Partnerships Program, the federal National Housing Trust Fund (NHFT), and the Virginia Housing Trust Fund (VHTF).
VHTF is provided by the General Assembly and supports financing for housing construction projects that create or preserve affordable housing units, reduce the cost of affordable housing and increase homeownership. This funding is a key source of financing for these affordable housing initiatives to support moderate- and low-income families, as well as supporting homeless reduction grants to provide rapid re-housing and longer-term housing solutions for individuals experiencing chronic homelessness.
“Affordable and Special Needs Housing loans continue to be a vital resource for increasing the stock and availability of affordable housing and supporting an economy that works for all Virginians,” said Secretary of Commerce and Trade Caren Merrick.
Affordable and Special Needs Housing loans are awarded through a competitive process. Sixty-one applications were received for this round of funding, requesting more than $73 million. The funded projects will leverage over $693 million in additional federal, state, local and private lending resources. To learn more about the ASNH program, visit www.dhcd.virginia.gov/asnh.
A FULL LIST OF THE 2022 SPRING ASNH AWARDS CAN BE FOUND HERE.