RICHMOND, Va. (WAVY) — More than $24 million in Affordable and Special Needs Housing loans for 28 projects across Virginia was announced Monday.
The funding will support creating and preserving approximately 1,635 affordable housing units for low-income Virginians.
The funding will help increase access to affordable housing, reduce homelessness, and provide permanent supportive housing options for individuals with intellectual and developmental disabilities.
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 (VHTF).
Through the Affordable and Special Needs Housing (ASNH) program, DHCD also supports the creation of Permanent Supportive Housing (PSH) units to serve Virginia’s most vulnerable citizens. In this round of funding, DHCD allocated more than $7 million through the HOME Program, over $4 million through the NHTF, $12.6 million through the VHTF, and an allotment of $500,000 through PSH funds.
Officials say the funding is a key source of financing 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.
Affordable and Special Needs Housing loans are awarded through a competitive process. There were forty-three applications received for this round of funding, requesting more than $42 million.
The funded projects will create or preserve 1,635 affordable housing units, targeting low-income and very low-income Virginians and leverage over $351 million in additional federal, state, local, and private lending resources.