Governor Northam announces over $8.9 million in affordable and special needs housing loans

RICHMOND—Governor Ralph Northam announced on February 1st, more than $8.9 million in Affordable and Special Needs Housing loans for 14 projects throughout the Commonwealth. These projects are focused on affordable new construction and rehabilitation housing projects, as well as permanent supportive housing options for people with intellectual and developmental disabilities.

“Access to affordable housing is critical to creating vibrant communities and maintaining strong regional economies across all of Virginia,” said Governor Northam. “Through the Affordable Special Needs Housing program, we are utilizing multiple state and federal resources to increase the availability of safe, affordable, and sustainable housing so that all Virginians have the opportunity to thrive in our Commonwealth.”

Affordable and Special Needs Housing loans are awarded through a competitive process. The Virginia Housing Trust Fund is a key source of financing for these affordable housing initiatives to support moderate- and low-income families. The Governor’s proposed budget includes an additional $19 million for the Virginia Housing Trust Fund over the next two years to bolster the state’s commitment to increase affordable housing for low- and very-low-income persons.

The Virginia Department of Housing and Community Development (DHCD) administers the Affordable and Special Needs Housing program and combines state and federal resources to ensure a simplified application process. Funding comes from three main sources: the federal HOME Investment Partnerships Program, the federal National Housing Trust Fund (NHTF) and the Virginia Housing Trust Fund.

“The Affordable and Special Needs Housing program fills gaps in financing to make possible the creation and preservation of affordable housing for low-income Virginians,” said Secretary of Commerce and Trade Brian Ball. “Virginia continues to put affordable housing at the forefront of its efforts to create a stronger Commonwealth for all.”

Seventeen applications were received, requesting more than $14.7 million. These proposals were reviewed, evaluated, and scored, with proposals ranked and award offers recommended to the highest-ranking proposals based on funding availability. The funded projects will create or preserve 730 affordable housing units, targeting low-income and very low-income Virginians.