HENRICO COUNTY, Va. (WRIC) — Virginia Housing, a state agency that directs private financing to affordable housing, may now support 275 apartment units at Virginia Center Commons in Henrico after the county assured the agency some units would be set aside for affordable housing.
The county has already laid the foundation for a new sports center, which will anchor the development following the decline of the shops built there in 1991.
Now, the county has passed a resolution confirming that 20% of the units will be set aside for residents making less than 80% of the county’s median income, a move designed to “increase the availability of affordable housing in the County,” according to the resolution.
That will mean a total of 55 units for households with a total income of less than $57,836. In return, the developer will receive financing from Virginia Housing, likely with better terms than those offered by private financial institutions.
The resolution did not specify whether there would be an actual cap on rent in the affordable units, or whether the company would only be required to meet the resident income requirements laid out by the county and Virginia Housing.
For comparison, a two-income family where both members work full time at the Henrico minimum wage — currently $11 an hour- – would have a yearly household income of $45,760.
Correction 7/28/22: A previous version of the article incorrectly explained Virginia Housing’s role as related to housing.