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RICHMOND, VA - Governor Glenn Youngkin announced today a record-breaking $154.5 million in Affordable and Special Needs Housing (ASNH) loans for 47 projects across the Commonwealth. The recommended projects will create and preserve 3,014 homes for low-income households. The loans represent the greatest single investment in the Affordable and Special Needs Housing Program ever administered by the Commonwealth of Virginia. The loans will leverage $974 million in public and private resources, bringing a total of $1.1 billion of affordable housing to construction in communities across the Commonwealth.
"These loans leverage a total of $1.1 billion to provide accessible and affordable housing for all Virginians. This is a cornerstone for the prosperity of our Commonwealth," said Governor Glenn Youngkin. "By prioritizing housing, we strengthen our economy, reinforce our communities, and build a stronger, more vibrant Virginia for generations to come."
The Virginia Department of Housing and Community Development (DHCD) administers ASNH loans, which combine state and federal resources to provide gap financing that expedites construction of new and renovated housing. Funding comes from four main sources: the federal HOME Investment Partnerships Program, the federal National Housing Trust Fund, Housing Innovations in Energy Efficiency, and the Virginia Housing Trust Fund.
The Virginia Housing Trust Fund is funded by the Commonwealth to support financing for housing construction projects that create or preserve affordable housing units, reduce the cost of affordable housing, and increase homeownership. This funding is a key source of financing for affordable housing initiatives to support moderate- and low-income families, as well as support homeless reduction grants to provide rapid rehousing and longer-term housing solutions for individuals experiencing chronic homelessness.
"Building new and renovated housing supports Virginia's thriving economy," said Secretary of Commerce and Trade Juan Pablo Segura. "These loans will pave the way for a stronger, more prosperous Virginia for everyone."
"Housing is the cornerstone of our communities," said Maggie Beal, Director of DHCD. "The Affordable and Special Needs Housing program represents Virginia's commitment to improve the quality of life for all citizens in the Commonwealth."
ASNH loans are awarded through a competitive process. Ninety-one applications were received, requesting more than $243 million. To learn more about the ASNH program, visit https://www.dhcd.virginia.gov/asnh.
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