Fourteen Projects Receive Workforce Housing Investment Program Funding

Virginia Housing announced 14 communities that will receive funding through the Workforce Housing Investment Program. More than $15 million in loans, loan subsidies and grants will support 14 developments that are in close proximity to new or expanding businesses and available to people making between 80%-120% of the Area Median Income (AMI), or up to 150% in rural areas. Below is a list of awardees:

In recent years, it has become increasingly difficult for Virginia’s workforce to afford housing that’s close to where they work. The housing developments associated with this announcement will create 550 workforce housing units and generate over $200 million in private investment. The funding provided in this round will create more housing for Virginia’s middle-income households.

“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.”

The Workforce Housing Investment Program makes up to $3 million available for localities within a set radius of a new or expanding business, and the amount increases to $5 million if the business will include 500 jobs or more. The program also emphasizes underserved communities and first-time homebuyers.

“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.”

In total, the Workforce Housing Investment Program commits $75 million over five years with the potential to catalyze $750 million and build 5,000 units of workforce housing in conjunction with economic development projects in the Commonwealth. For more information on the program, click here.