A record $154.5 million in loans will be allocated to 47 affordable and special needs housing projects across Virginia, Governor Glenn Youngkin announced Thursday. The funding is expected to support the creation and preservation of 3,014 homes for low-income residents.
According to state officials, this is the largest single investment made through the Affordable and Special Needs Housing (ASNH) Program since its inception. The loans are projected to leverage an additional $974 million from public and private sources, resulting in a total of $1.1 billion directed toward new construction and rehabilitation efforts throughout the Commonwealth.
“These loans leverage a total of $1.1 billion to provide accessible and affordable housing for all Virginians. This is a cornerstone for the prosperity of our Commonwealth,” said Governor Glenn Youngkin.“By prioritizing housing, we strengthen our economy, reinforce our communities, and build a stronger, more vibrant Virginia for generations to come.”
The ASNH program is administered by the Virginia Department of Housing and Community Development (DHCD). Funding comes from several sources: the federal HOME Investment Partnerships Program, the federal National Housing Trust Fund, Housing Innovations in Energy Efficiency funds, and the Virginia Housing Trust Fund.
The Virginia Housing Trust Fund provides financial support for building or preserving affordable housing units as well as reducing costs associated with homeownership for moderate- and low-income families. It also supports grants aimed at reducing homelessness by offering rapid rehousing services and long-term solutions for individuals experiencing chronic homelessness.
“Building new and renovated housing supports Virginia’s thriving economy,” said Secretary of Commerce and Trade Juan Pablo Segura.“These loans will pave the way for a stronger, more prosperous Virginia for everyone.”
“Housing is the cornerstone of our communities,” said Maggie Beal, Director of DHCD.“The Affordable and Special Needs Housing program represents Virginia’s commitment to improve the quality of life for all citizens in the Commonwealth.”
Projects receiving ASNH loans were selected through a competitive process that saw 91 applications requesting over $243 million in funding. More information about the ASNH program can be found at www.dhcd.virginia.gov/asnh.
