Funding will support new construction and rehabilitation of 877 affordable and special needs housing units

Governor Glenn Youngkin announced today more than $22 million in Affordable and Special Needs Housing loans for 14 projects across the Commonwealth. The recommended projects will create and preserve 877 total units for low-income and extremely low-income households.  

"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," said Governor Glenn Youngkin. "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 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 (NHFT), Housing Innovations in Energy Efficiency (HIEE) 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. 

"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," said Secretary of Commerce and Trade Caren Merrick. "These awarded projects will increase our affordable housing by more than 877 units and foster a stronger Virginia for all." 

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

Affordable and Special Needs Housing loans are awarded through a competitive process. Fifty-five applications were received for this round of funding, requesting more than $112 million. To learn more about the ASNH program, visit www.dhcd.virginia.gov/asnh.