Advertisement
  • National News
  • State News
  • Contact Us
  • Submit Content
  • Subscribe
Subscribe For $2.50/month
Print Editions
Salem Times Register
  • News Categories
    • Local Stories
    • School
    • Church
    • Sports
    • State News
    • National News
    • Courthouse
      • Deeds
  • Obituaries
  • Opinion
  • Legals
  • Spiritual
    • Parabola
    • Transcendental Meditation
    • The Episcopal Diocese of Virginia
    • Southern Baptist
  • eEdition
  • Classifieds
  • Contact Us
  • My Account
  • Login
  • faq
No Result
View All Result
Salem Times Register
No Result
View All Result
Salem Times Register
No Result
View All Result

Over $21 million in affordable and special needs housing loans announced

Mountain Media, LLC by Mountain Media, LLC
July 15, 2021
in Local Stories
0
0
SHARES
16
VIEWS
Share on FacebookShare on Twitter

It was recently announced that more than $21 million in Affordable and Special Needs Housing loans for 24 projects across Virginia will create or preserve 1,266 affordable housing units for low-income and extremely low-income households. The funding will improve access to 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 the key to advancing equity, opportunity, and economic prosperity in every corner of our Commonwealth,” said Governor Northam. “The Affordable and Special Needs Housing program is an important resource for increasing access to safe and sustainable housing for low-income families, individuals with disabilities, and Virginians experiencing homelessness.”

The Virginia Department of Housing and Community Development (DHCD) administers Affordable and Special Needs Housing (ASNH) loans, which combine state and federal resources to provide a simplified and comprehensive application process. Funding comes from four main sources: the federal HOME Investment Partnerships Program, the federal National Housing Trust Fund (NHTF), the Virginia Housing Trust Fund (VHTF), and Housing Innovations in Energy Efficiency (HIEE) funds. In this round, DHCD awarded approximately $1.6 million in HOME funding, $1.1 million in NHTF funding, $12.6 million in VHTF funding, and $6.2 million in HIEE funding.

Governor Northam and the General Assembly invested an historic $70.7 million in the Virginia Housing Trust Fund this fiscal year, which provides financing for housing construction projects that create or preserve affordable housing units, reduce the cost of affordable housing, and increase homeownership. VHTF is a key source of financing to support moderate- and-low-income families in addition to providing homeless reduction grants for rapid re-housing and longer-term housing solutions for individuals experiencing chronic homelessness.

“Providing housing stability and supporting programs to make homelessness rare, brief, and nonrecurring is more important now than ever as we turn the corner from this pandemic,” said Secretary of Commerce and Trade Brian Ball. “These loans will fill gaps in financing to make safe and affordable housing for our most vulnerable populations possible, which in turn strengthens our communities, our economy, and improves the lives of many Virginians across the Commonwealth.”

ASNH loans are awarded through a competitive process. Forty-one applications requesting over $45 million were received for this round of funding. Proposals were reviewed, evaluated, and scored with proposals ranked and award offers recommended to the highest-ranking proposals based on funding availability. The funded projects will leverage over $307 million in additional federal, state, local, and private lending resources.

 

  • Submitted by Alena Yarmosky, Office of the Governor

 

Sign up to our newsletter

Enter your email address to receive weekly emails.

You will receive a confirmation email for your subscription. Please check your inbox and spam folder to complete the confirmation process.
Some fields are missing or incorrect!
Lists
Previous Post

Calendar

Next Post

Annual Neighborhood Potluck celebrates Salem resident turning 97

Next Post
Annual Neighborhood Potluck celebrates Salem resident turning 97

Annual Neighborhood Potluck celebrates Salem resident turning 97

  • National News
  • State News
  • Contact Us
  • Submit Content
  • Subscribe
Questions? Call us at 304-647-5724

  • Login
Forgot Password?
Lost your password? Please enter your username or email address. You will receive a link to create a new password via email.
body::-webkit-scrollbar { width: 7px; } body::-webkit-scrollbar-track { border-radius: 10px; background: #f0f0f0; } body::-webkit-scrollbar-thumb { border-radius: 50px; background: #dfdbdb }
No Result
View All Result
  • News Categories
    • Local Stories
    • School
    • Church
    • Sports
    • State News
    • National News
    • Courthouse
      • Deeds
  • Obituaries
  • Opinion
  • Legals
  • Spiritual
    • Parabola
    • Transcendental Meditation
    • The Episcopal Diocese of Virginia
    • Southern Baptist
  • eEdition
  • Classifieds
  • Contact Us
  • My Account
  • Login
  • faq