RICHMOND, Va. (CBS19 NEWS) — An affordable housing project in Albemarle County is among nearly three dozen in Virginia to get a loan.
On Friday, Governor Glenn Youngkin announced more than $27 million in loans for affordable and suitable housing for 34 projects.
According to a statement, projects receiving this funding will create and preserve a total of 19.90 units for low-income and very low-income households.
This includes 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, strengthen our economy and improve the quality of life for countless Virginians,” Youngkin said. “Stable and affordable housing is essential to building a thriving economy. These projects have been carefully selected to ensure they have the greatest impact on their future residents and surrounding communities.
The Virginia Department of Housing and Community Development is in charge of these loans, combining state and federal funding into one application process.
The money comes from three main programs, including the federal HOME Investment Partnerships Program, the Federal National Housing Fund and the Virginia Housing Trust Fund.
“Affordable and suitable home loans continue to be a vital resource to increase the stock and availability of affordable housing and support an economy that works for all Virginians,” said Secretary of Commerce and Commerce Caren Merrick.
The press release indicates that these loans are granted through a competitive process, with 61 applications received for this round of financing. These requests requested a total of $73 million.
Projects that have been selected for funding will also leverage more than $693 million in additional loans from federal, state, local and private resources.
In Albemarle County, Habitat for Humanity of Greater Charlottesville is receiving nearly $623,000 from the VHTF for work in the Village of Southwood.
The funding will help build six affordable housing units as part of the Southwood Mobile Home Park redevelopment.
The condos will be sold to families already living in this community, who earn less than 80% of the area’s median income.
Other projects benefiting from these loans are in Richmond, Staunton, Norfolk, Virginia Beach, Culpeper, Portsmouth, Roanoke, Suffolk, Lynchburg and Manassas as well as several counties.
To see the full list of projects, click here.