Friday, April 19, 2024

York County Development to Receive Affordable/Special Needs Housing State Loan

Gov. Ralph Northam announced over $60 million in Affordable and Special Needs Housing loans. (WYDaily file) (WYDaily file)

HISTORIC TRIANGLE — Gov. Ralph Northam announced more than $60 million in Affordable and Special Needs Housing loans for 42 projects across the Commonwealth, including in the City of Williamsburg and York County.

This will create or preserve 2,552 affordable housing units for low-income and extremely low-income households.

According to a Jan. 13 release from Gov. Northam’s office, the funding will improve access to energy efficient affordable housing, reduce homelessness, provide permanent supportive housing options for individuals with intellectual and developmental disabilities, and complete energy efficiency updates in affordable housing units.

“Quality, affordable housing is essential to building vibrant communities and ensuring every Virginian has the opportunity to thrive,” Gov. Northam said. “We must keep investing in the Commonwealth’s stock of affordable housing, and the Affordable and Special Needs Housing programs will continue to be a vitally important resource for vulnerable Virginians.” 

The Virginia Department of Housing and Community Development (DHCD) administers Affordable and Special Needs Housing loans, which combine state and federal resources.

Funding comes from the federal HOME Investment Partnerships Program, the National Housing Trust Fund (NHTF), the Virginia Housing Trust Fund (VHTF), and Housing Innovations in Energy Efficiency (HIEE) funds.

This fiscal year, Gov. Northam and the General Assembly invested a historic $55 million in the Virginia Housing Trust Fund, which provides money for housing construction projects that create affordable housing units.

Among the 2021 fall Affordable and Special Needs Housing awardees is Grande Oak III, the new construction of 49 rental units in York County.

The project includes two-bedroom apartments, which will fit Universal Design standards and be actively marketed towards people with disabilities.

The project received $375,062 from VHTF, $375,062 from NHTF and $499,875 from HIEE.

The 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 re-housing and longer-term housing solutions for individuals experiencing chronic homelessness,” according to Northam’s office.

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