Funding will support new construction and rehabilitation of over 2,969 affordable and special needs housing units 

RICHMOND, VA – Governor Glenn Youngkin announced on Feb 26th, more than $139 million in Affordable and Special Needs Housing loans for 41 projects across the Commonwealth. The recommended projects will create and persevere 2.969 total units for low-income and extremely low-income households.  

“Providing accessible and affordable housing for all Virginians is more than a fundamental need—it’s a cornerstone of our state’s prosperity,” said Governor Glenn Youngkin. “When we prioritize housing affordability and availability, we drive economic progress, fortify our communities, and build a stronger, more vibrant Virginia for generations to come.” 

The Virginia Department of Housing and Community Development (DHCD) administers Affordable and Special Needs Housing (ASNH) loans, which combines state and federal resources to provide a simplified and comprehensive application process. Funding comes from four main sources: the federal HOME Investment Partnerships Program (HOME), the federal National Housing Trust Fund (NHFT), Housing Innovations in Energy Efficiency (HIEE) and the Virginia Housing Trust Fund (VHTF). 

VHTF is provided by the General Assembly and supports financing for housing construction projects that create or preserve affordable housing units, reduce the cost of affordable housing and increase homeownership. This funding is a key source of financing for these affordable housing initiatives to support moderate- and low-income families, as well as supporting homeless reduction grants to provide rapid rehousing and longer-term housing solutions for individuals experiencing chronic homelessness. 

“Affordable and accessible housing is essential for a thriving economy, and our dedication to addressing this critical need remains steadfast,” said Secretary of Commerce and Trade Caren Merrick. “These efforts will not only enhance and grow our affordable housing stock but also pave the way for a stronger, more resilient and prosperous Virginia for everyone.” 

“Boosting Virginia's supply of attainable, affordable and accessible housing is vital to driving economic growth and aligning with this administration's Make Virginia Home Plan," said Bryan Horn, Director of the Virginia Department of Housing and Community Development. "These investments will unlock $2.1 billion in combined federal, state, local and private resources to develop and preserve housing options for communities across the Commonwealth." 

Affordable and Special Needs Housing loans are awarded through a competitive process. Seventy-two applications were received for this round of funding, requesting more than $221 million. To learn more about the ASNH program, visit www.dhcd.virginia.gov/asnh.  

Click Here to view Fall 2024 ASNH Awardees