RICHMOND, Va. (WRIC) — Governor Glenn Youngkin announced on Friday that more than $27 million in funding will go toward the Affordable and Special Needs Housing program to support 34 projects across Virginia.
According to a release from the Governor’s Office, the recommended projects will create and preserve 1,990 total units for low-income households, including 137 permanent supportive housing units, 1,588 new construction units and 16 units for sale as homeownership opportunities.
“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 in the release. “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 surrounding communities.”
Funding for these projects were tapped from three main sources: the federal HOME Investment Partnerships Program, the federal National Housing Trust Fund (NHFT), and the Virginia Housing Trust Fund (VHTF), the Governor’s Office said. VHTF supports financing for housing construction projects that create or preserve affordable housing units, reduce the cost of affordable housing initiatives and increase homeownership.
“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,” Secretary of Commerce and Trade Caren Merrick said in the release.
To learn more about the ASNH program, visit www.dhcd.virginia.gov/asnh.