Governor Glenn Youngkin announced $154.5 million in Affordable and Special Needs Housing (ASNH) loans for 47 projects throughout Virginia. This funding will support the creation and preservation of 3,014 homes aimed at low-income households. The initiative marks the largest single investment ever made by the Commonwealth in its ASNH Program.
The awarded loans are expected to leverage an additional $974 million from both public and private sources, resulting in a total investment of approximately $1.1 billion dedicated to affordable housing construction and rehabilitation across the state.
“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) manages the ASNH loans by combining federal and state resources to offer gap financing that accelerates new construction or renovation projects. Funding is drawn from several programs: the federal HOME Investment Partnerships Program, the National Housing Trust Fund, Housing Innovations in Energy Efficiency, and the Virginia Housing Trust Fund.
The Virginia Housing Trust Fund provides key financial support for building or preserving affordable housing units, reducing costs for moderate- and low-income families, increasing homeownership opportunities, and supporting grants that address homelessness through rapid rehousing and longer-term solutions.
“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 loan awards are determined through a competitive application process. In this round, there were 91 applications requesting over $243 million in total funding.
For further information about the ASNH program, visit www.dhcd.virginia.gov/asnh.