RICHMOND, Va. (CBS19 NEWS) — A Charlottesville Redevelopment and Housing Authority project is one of 14 getting a loan to create or preserve affordable housing.
According to a release, Governor Ralph Northam announced more than $10.3 million in Affordable and Special Needs Housing loans on Thursday, which will create or preserve 790 housing units for low-income and very-low-income Virginians.
The projects are supporting new construction and rehabilitation of existing affordable housing and permanent supportive housing for vulnerable populations. They will also leverage more than $181 million in additional funding from federal, state, local and private resources.
“Quality affordable housing is essential to creating vibrant communities and ensuring that every Virginia family has the opportunity to thrive,” said Northam. “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. 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.”
The release says the funding is coming from the federal HOME Investment Partnerships Program, the federal National Housing Trust Fund, and the Virginia Housing Trust Fund.
Northam worked with the General Assembly last fiscal year to double the Virginia Housing Trust Fund to $14 million, which meant additional awards to projects creating and preserving affordable housing units, reducing the cost of housing, and increasing homeownership.
These loans, administered by the Department of Housing and Community Development, are awarded through a competitive process that combines state and federal resources.
CRHA is getting $800,000 for the first phase of a project on South First Street. Other projects that are getting funding are in Richmond, Galax, Spotsylvania, King William, Hanover, Williamsburg, Abingdon, Fairfax, and Winchester.
Source: CBS 19 NEWS
