Investment will support community revitalization, industrial site development, and workforce development Governor Glenn Youngkin today announced over $10 million for seven Industrial Revitalization Fund (IRF) grants for the cities of Buena Vista, Martinsville and Petersburg, and the towns of Blackstone, Halifax, Lawrenceville and Wytheville. The seven awarded projects will create over 330 jobs and 87 new housing units, as well as leverage an additional $49 million in private investment.   “The transformation of unused, dilapidated or blighted structures into productive, vibrant sources of community pride is paramount to catalyzing economic growth and fostering strong local economies,” said Governor Glenn Youngkin. “Strategic and targeted investments like these are critical to ensuring that localities have the resources they need to complete projects that will directly benefit their communities and spur regional development efforts.”  IRF leverages local and private resources to achieve market-driven redevelopment of vacant and deteriorated industrial and commercial properties. The program is targeted toward vacant non-residential structures whose poor condition creates physical and economic blight to the surrounding area in which the structure is located. Nineteen proposals were received this funding round and reviewed and evaluated competitively, with an emphasis on those with a high level of blight, identification of impediments to economic development efforts, alignment with regional or local strategies, availability of matching resources, the level of community distress where the property is located, and an identified and feasible end use.   “Strong infrastructure is key to any successful economic strategy,” said Secretary of Commerce and Trade Caren Merrick. “Through IRF grants, we are able to make investments in both Virginia’s infrastructure and vibrancy by supporting impactful projects, encouraging strategic collaborations and fostering strong local economies across the Commonwealth.”   “Financial barriers often block the timely redevelopment of vacant structures,” said Director of the Virginia Department of Housing and Community Development, Bryan Horn. “The IRF program is intended to leverage local and private resources for redevelopment of derelict structures, creating a catalyst for employment opportunities and ongoing economic revitalization in these communities.”  Since 2012, the IRF program has funded 66 projects that have revitalized vacant, blighted buildings. These projects have generated more than $228 million in additional public and private investment and resulted in the creation of more than 1,200 jobs across Virginia. For more information on IRF, visit dhcd.virginia.gov/irf.  FY2024 IRF Awardees: 

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.