Funding will support new construction and rehabilitation of over 5,358 affordable and special needs housing units
Governor Glenn Youngkin announced today more than $129 million in Affordable and Special Needs Housing loans for 78 projects across the Commonwealth. The recommended projects will create and preserve 5,358 total units for low-income and extremely low-income households.
“Ensuring accessible and affordable housing for Virginians isn’t just a basic requirement, it’s a strategic pillar for our state’s continued success,” said Governor Glenn Youngkin. “By keeping homes affordable and available, we are cultivating economic growth, strengthening our communities and laying the foundation for a thriving Virginia.”
The Virginia Department of Housing and Community Development (DHCD) administers Affordable and Special Needs Housing (ASNH) loans, which combines state and federal resources to provide a simplified and comprehensive application process. Funding comes from four main sources: the federal HOME Investment Partnerships Program (HOME), the federal National Housing Trust Fund (NHTF), Housing Innovations in Energy Efficiency (HIEE) and the Virginia Housing Trust Fund (VHTF).
VHTF is funded by the Commonwealth 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.
“Accessible and affordable housing is foundational to building a flourishing economy, and our commitment to meeting this essential need is unwavering,” said Secretary of Commerce and Trade Caren Merrick. “These initiatives will not only expand and improve our affordable housing inventory but will also contribute to fostering a more resilient and prosperous Virginia for all.”
"Increasing Virginia's supply of attainable, affordable and accessible housing is key to strengthening Virginia's economy and furthers this administration's Make Virginia Home Plan," said Director of the Virginia Department of Housing and Community Development Bryan Horn. "These awarded projects will leverage $2.1 billion in additional federal, state, local and private lending resources to create and preserve housing options for Virginians."
Affordable and Special Needs Housing loans are awarded through a competitive process. Eighty-seven applications were received for this round of funding, requesting more than $149 million. To learn more about the ASNH program, visit www.dhcd.virginia.gov/asnh.
A FULL LIST OF THE 2023 ASNH AWARDS CAN BE FOUND HERE.
