Affordable housing in Virginia receives over $1 billion
(The Center Square) — Affordable housing in Virginia is getting a big boost after Gov. Glenn Youngkin announced today that 49 projects across the commonwealth will be receiving more than $52 million in Affordable and Special Needs housing loans, and that’s in addition to another $992 million in federal, state, local and private funding.
The projects will support the construction and maintenance of over 3,100 rental units – including about 300 permanent supportive housing units – and 93 for-sale units, according to Alexis Carey, a spokesperson for the Virginia Department of Housing and Community Development.
“Ensuring that Virginians have access to attainable, affordable and inclusive housing is not only a fundamental need but also a strategic component for the prosperity of our state,” said Youngkin. “We are planting the seeds of economic empowerment by strengthening our communities and ensuring a prosperous Virginia to live, work and raise a family for generations to come.”
ASNH loans are a combination of state and federal funding. State loan resources primarily come through the Housing Innovations in Energy Efficiency, Permanent Supportive Housing and the Virginia Housing Trust Fund programs. The primary federal sources are the HOME Investment Partnerships Program and the National Housing Trust Fund.
“Affordable and Special Needs Housing loans are awarded through a competitive process,” according to the press release from the governor’s office. The VDHCD received 60 applications for approximately $105 million for this round of loans; ultimately, only about half that amount was approved.
Virginia Secretary of Commerce and Trade Caren Merrick, in a statement, linked the mobilization of the loans to the governor’s “Make Virginia Home” plan, which he announced a little less than a year ago at the 2022 Virginia Governor’s Housing Conference.
The plan aims to make more land available for housing by creating more efficiencies in local zoning and land use policies and procedures and those of the state; making permitting processes simpler and quicker; and “align[ing] housing with economic growth,” meaning that the state will attempt to make housing provisions that can accommodate lower-income individuals and families, supplying Virginia businesses with access to a large talent pool when seeking employees.
“This program continues to be an invaluable resource for transforming our communities, reducing housing instability and strengthening our economy,” said VDHCD Director Bryan Horn.
Of localities awarded the $52 million in ASNH loans, the city of Richmond will receive the most at roughly $13 million; then Charlottesville with $10.7 million; the rest is divided among 11 other Virginia cities and 11 counties.
