Virginia commits over $22 million to affordable housing projects to support low-income families

Richmond, Virginia – Governor Glenn Youngkin has announced the allocation of more than $22 million in Affordable and Special Needs Housing (ASNH) loans to support 14 projects across Virginia. These projects aim to create and preserve 877 housing units for low-income and extremely low-income households.

Strengthening Virginia’s Housing Stock

Governor Youngkin emphasized the importance of bolstering affordable housing in Virginia, stating, “By bolstering Virginia’s affordable housing stock, we are strengthening our growing economy and planting the seeds of lasting economic empowerment through the power of home ownership. By making targeted investments in transformational projects, we can create an even brighter future with greater opportunities for all Virginians.”

The Virginia Department of Housing and Community Development (DHCD) administers these loans, which combine state and federal resources to streamline the application process. Funding for these loans comes from four main sources: the federal HOME Investment Partnerships Program (HOME), the federal National Housing Trust Fund (NHFT), Housing Innovations in Energy Efficiency (HIEE), and the Virginia Housing Trust Fund (VHTF).

Comprehensive Support for Affordable Housing

The VHTF, provided by the General Assembly, plays a crucial role in financing housing construction projects. These projects aim to create or preserve affordable housing units, reduce the cost of affordable housing, and increase homeownership. Additionally, the VHTF supports homeless reduction grants to provide rapid re-housing and longer-term housing solutions for individuals experiencing chronic homelessness.

Secretary of Commerce and Trade Caren Merrick highlighted the impact of these investments, saying, “Accessible and affordable housing is the cornerstone of any thriving economy, and we are unwavering in our commitment to fulfilling this vital resource across the Commonwealth. These awarded projects will increase our affordable housing by more than 877 units and foster a stronger Virginia for all.”

Leveraging Significant Resources

Virginia Department of Housing and Community Development Director Bryan Horn added, “The ASNH program serves as a crucial factor to making affordable housing available to hardworking families and our most vulnerable Virginians. These awarded projects will leverage $230 million in additional federal, state, local, and private lending resources to create and preserve housing options across Virginia.”

The ASNH loans are awarded through a competitive process, with 55 applications received for this round of funding, requesting over $112 million. The successful projects and their corresponding awards are as follows:

• Surber Development and Consulting LLC, Pleasant View, Shenandoah County: $2,945,398
• Community Housing Partners, North Fork Manor, Smyth County: $2,423,000
• Piedmont Housing Alliance, PSCC Apartments, City of Charlottesville: $2,400,000
• Green Street Housing, Jersey Park Apartments, Isle of Wight County: $2,345,049
• Lynx Ventures Inc., Oak Grove Apartments, City of Richmond: $2,000,000
• The Lawson Companies, Miller’s Rest Apartments, City of Lynchburg: $2,000,000
• Woda Cooper Development, Bains Pointe, City of Portsmouth: $1,800,000
• Habitat for Humanity, Flint Hill Project A, City of Charlottesville: $1,200,000
• Habitat for Humanity, Flint Hill Project B, City of Charlottesville: $1,200,000
• The Lawson Companies, 700 West 44 -9%, City of Richmond: $1,025,000
• Habitat for Humanity of the New River Valley, Airport Road Townhomes, Montgomery County: $936,225
• Restoration Housing, Trinity Commons, City of Roanoke: $850,000
• Community Housing Partners, Legacy on Main, Montgomery County: $800,000
• Virginia Supportive Housing, Gosnold II Apartments, City of Norfolk: $139,765

A Vision for the Future

These investments underscore Virginia’s commitment to expanding affordable housing and supporting vulnerable populations. As Governor Youngkin stated, targeted investments in housing not only benefit individuals and families but also contribute to the overall economic health of the state.

For more information about the ASNH program, visit Virginia Department of Housing and Community Development.