RICHMOND, Va. (WRIC) — More than $10.3 million in loans will be given to 14 organizations across Virginia in order to help create or preserve 790 affordable housing units for low-income residents, Gov. Ralph Northam announced Thursday.
A release from the governor’s office states that the Affordable and Special Needs Housing (ASNH) loans will support new construction and rehabilitation of the housing units.
“Quality affordable housing is essential to creating vibrant communities and ensuring that every Virginia family has the opportunity to thrive,” Northam said in a statement. “That’s why I committed to doubling the Virginia Housing Trust Fund this past General Assembly session and will continue to prioritize efforts to transform our housing stock.
Five of the 14 organizations receiving a loan are located in Richmond, including the Better Housing Coalition, Community Housing Inc., Dakota Partners, Inc., The Community Builders and the Maggie Walker Community Land Trust. An organization in Hanover County, Project:HOMES, is also getting a loan.
“This increased funding is even more critical as we work to address homelessness, reduce evictions, and help Virginians facing economic challenges due to the COVID-19 pandemic,” Northam continued.
According to the release, the funding for the loans comes mainly from the Virginia Housing Trust Fund but also from the federal HOME Investment Partnerships Program and the federal National Housing Trust Fund.
“Each of these projects will help to address the significant affordable housing needs of the Commonwealth. These new affordable housing units will boost the vibrancy of our communities and help attract economic development opportunities to these communities, while leveraging a variety of sources of funding,” Brian Ball, the secretary of commerce and trade, said in a statement. “I thank our state agencies and the many partners involved in working to secure these important resources.”