RICHMOND, Va. (DC News Now) — Gov. Glenn Youngkin said more than $27 million in Affordable and Special Needs Housing loans would go to 34 projects across Virginia and that those projects would create and preserve 1,990 total units for low-income and extremely low-income households.
Several projects are in Northern Virginia, including Fairfax and Loudoun counties.
“These projects will provide critical support to our most vulnerable populations, strengthening our economy, and improving the quality of life for countless Virginians,” Youngkin said. “Stable and affordable housing is foundational to building a thriving economy. These projects were carefully selected to ensure they make the most impact on their future residents and the surrounding communities.”
The Virginia Department of Housing and Community Development (DHCD) administers Affordable and Special Needs Housing (ASNH) loans. Those loans combine state and federal resources to provide a simplified and comprehensive application process. Funding comes from three main sources: the federal HOME Investment Partnerships Program, the federal National Housing Trust Fund (NHFT), and the Virginia Housing Trust Fund (VHTF).
VHTF is provided by the Virginia General Assembly. It supports financing for housing construction projects that create or preserve affordable housing units, reduce the cost of affordable housing and increase homeownership. The funding is a key source of financing to support moderate- and low-income families, as well as to support homeless reduction grants.
“Affordable and Special Needs Housing loans continue to be a vital resource for increasing the stock and availability of affordable housing and supporting an economy that works for all Virginians,” said Secretary of Commerce and Trade Caren Merrick.
Sixty-one applications were received for this round of funding, requesting more than $73 million. The funded projects will leverage more than $693 million in additional federal, state, local and private lending resources.