Governor Glenn Youngkin has announced more than $15 million in funding for the Virginia Workforce Housing Investment Program. The initiative will support the development of 550 workforce housing units across 14 localities in Virginia. These projects are expected to attract over $200 million in additional private and public investment.
“Stable, affordable, and high-quality housing is foundational to strong communities, a growing Virginia economy, and long-term opportunity across the Commonwealth,” said Governor Glenn Youngkin. “Through the Workforce Housing Investment Program, we’re expanding housing options for working families, strengthening local economies, and ensuring Virginians can live, work, and raise their families in communities they’re proud to call home.”
The program is administered by Virginia Housing and aims to increase workforce housing supply in areas experiencing new or expanding business activity. It offers loans, loan subsidies, and grants for communities developing housing for individuals making 80%–120% of the Area Median Income (AMI), or up to 150% of AMI in rural areas. Awards can reach up to $3 million for localities near businesses that have made qualified job announcements within the previous fiscal year. For transformational projects involving 500 new jobs or more, up to $5 million is available.
“Access to housing is vital to economic competitiveness, and communities that provide homes for their workforce are gaining jobs and spurring private investment,” said Secretary of Commerce and Trade Juan Pablo Segura. “The Workforce Housing Investment Program strengthens regions by helping ensure there is sufficient workforce housing as businesses grow or move to Virginia.”
“These projects showcase the strategic local and regional partnerships that are creating more affordable housing for middle-income families,” said Virginia Housing CEO Tammy Neale. “Virginia Housing’s investment reinforces the Commonwealth’s leadership in housing innovation and supports the growth of new industries and jobs across our great state.”
In October, Governor Youngkin accelerated the second round of funding for this program and introduced enhancements such as expanded eligibility for rural communities, increased flexibility for matching funds, and updated guidelines to better use available resources. The creation of the Workforce Housing Investment Program was first announced during the 2024 Virginia Governor’s Housing Conference along with Executive Order 42. This order formally connects economic development efforts with workforce housing supply by aligning business growth announcements with housing availability.
More information about the program can be found at VirginiaHousing.com.