CRHA, PHA and Habitat getting funding for affordable housing projects
RICHMOND, Va. (CBS19 NEWS) -- Three area organizations are getting funding for affordable and special needs housing projects.
Governor Glenn Youngkin announced more than $93 million in Affordable and Special Needs Housing loans for 57 projects across Virginia on Friday.
According to a release, these projects will create and preserve nearly 4,000 units for low-income and extremely low-income households, including nearly 300 supportive housing units, more than 3,800 rental units, and about 100 units for sale as homeownership opportunities.
“Increasing Virginia’s supply of attainable, affordable and accessible housing is foundational to strengthening Virginia’s economy, and furthers my administration’s Make Virginia Home Plan,” said Youngkin. “These awarded projects will create and preserve almost 4,000 units of affordable, quality housing for our most vulnerable residents.”
These loans, administered by the Virginia Department of Housing and Community Development, combine state and federal resources in a comprehensive application process.
There are a few main sources for the funding: the federal HOME Investment Partnerships Program, the federal National Housing Trust Fund, the Housing Innovations in Energy Efficiency program, the Permanent Supportive Housing state funds, and the Virginia Housing Trust Fund.
The General Assembly appropriated money for VHTF, supporting financing for housing construction projects to create or preserve affordable housing units, reduce the cost of such units and increase homeownership.
The release says this is a key source of financing for such affordable housing initiatives supporting moderate- and low-income families as well as supporting homeless reduction grants with rapid re-housing and longer-term housing solutions for people experiencing chronic homelessness.
“Stable and affordable housing is vital to building a thriving economy, and we are aligning housing development resources to holistically fill this need across Virginia,” said Secretary of Commerce and Trade Caren Merrick. “Increasing the supply of affordable housing is integral to our economic development efforts as we continue to build an economy that works for all Virginians.”
There were 61 applications for this round of funding, requesting more than $108 million in funds.
Those projects receiving funding will also leverage more than $1.39 billion in other federal, state, local and private lending resources.
Locally, the Charlottesville Redevelopment and Housing Authority, the Piedmont Housing Alliance, and the Habitat for Humanity of Greater Charlottesville are getting some of these funds.
CRHA is getting $4.1 million for phase one of its Sixth Street project.
Habitat is getting nearly $1.4 million for phase one of the Southwood Neighborhood revitalization project.
And PHA is getting three loans. The largest at $1.42 million is for Southwood Apartments B, while the second largest at $1.3 million is for Southwood Apartment A.
The third amount going to PHA is $113,800 which will go toward the Fifeville Rehabilitation.
There is also a project in Greene County called the Arbors at 29 North, which is getting $2.7 million.
To see a full list of the projects receiving loans, click here.