Governor Glenn Youngkin has announced more than $15 million in funding for the Virginia Workforce Housing Investment Program. This initiative will support the development of 550 workforce housing units across 14 localities in Virginia, with the projects leveraging over $200 million in additional public and private investment.
“Stable, affordable, and high-quality housing is foundational to strong communities, a growing Virginia economy, and long-term opportunity across the Commonwealth,” said Governor Glenn Youngkin. “Through the Workforce Housing Investment Program, we’re expanding housing options for working families, strengthening local economies, and ensuring Virginians can live, work, and raise their families in communities they’re proud to call home.”
Virginia Housing oversees this program. Its goal is to increase housing supply for workers in areas experiencing business growth or expansion. The program provides loans, subsidies, and grants to help create housing for homeowners and renters earning between 80% and 120% of Area Median Income (AMI), or up to 150% of AMI in rural areas. Awards can reach up to $3 million per locality near new or expanding businesses that have made a qualified job announcement within the previous fiscal year. For projects associated with at least 500 new jobs, up to $5 million is available.
“Access to housing is vital to economic competitiveness, and communities that provide homes for their workforce are gaining jobs and spurring private investment,” said Secretary of Commerce and Trade Juan Pablo Segura. “The Workforce Housing Investment Program strengthens regions by helping ensure there is sufficient workforce housing as businesses grow or move to Virginia.”
“These projects showcase the strategic local and regional partnerships that are creating more affordable housing for middle-income families,” said Virginia Housing CEO Tammy Neale. “Virginia Housing’s investment reinforces the Commonwealth’s leadership in housing innovation and supports the growth of new industries and jobs across our great state.”
In October, Governor Youngkin accelerated the second round of funding for this program while making changes such as extending eligibility for rural communities, increasing flexibility around matching funds requirements, and refining guidelines so resources could be better used. The governor first announced this program during the 2024 Virginia Governor’s Housing Conference along with Executive Order 42; this order links economic development announcements with efforts to boost workforce housing availability throughout Virginia.
More information about these initiatives can be found at https://www.virginiahousing.com/.
