RICHMOND, Va. (WAVY) — Gov. Glenn Youngkin announced more than $52 million in loans for affordable housing and special needs housing projects, including more than $6.8 million for projects in the Hampton Roads region.
The funds, which come from affordable and special needs housing (ASNH) loans, will be dispersed among 49 projects across the state, including the following Hampton Roads region projects:
- $3.4 million to TRG Community Development LLC for the Twin Pines Senior Apartments in Portsmouth
- Just over $1.16 million to Virginia Supportive Housing for the Gosnold II project in Norfolk
- $1.4 million to Brinshore Development for Tidewater Gardens
- $700,000 to New Road Community Development Group Inc. for the Legacy Plaza Rental in Northampton County on the Eastern Shore
- $184,006 to Surber Development and Consulting LLC for Grande Oak II in York County
The projects, according to the governor’s office, will create and preserve 3,248 total units for low-income and extremely low-income households, including 337 permanent supportive housing units, 3,155 rental units and 93 units for sale as homeownership opportunities.
“Ensuring that Virginians have access to attainable, affordable, and inclusive housing is not only a fundamental need but also a strategic component for the prosperity of our state,” Youngkin said in a statement. “By bolstering the availability of affordable housing, we are planting the seeds of economic empowerment, by strengthening our communities, and ensuring a prosperous Virginia to live, work and raise a family for generations to come.”
Funding for ASNH loans primarily come from four sources: the federal HOME Investment Partnerships Program, the federal National Housing Trust Fund, Housing Innovations in Energy Efficiency, Permanent Supportive Housing state funds and the Virginia Housing Trust Fund.
The process to secure an ASNH loan is competitive, as there were 60 applications received for this round of funding.
To learn more about the ASNH program click here.