Youngkin Announces About $27 Million in Loans for Low-Income Housing

Governor Glenn Youngkin announced about $27 million in loans for the 2022 Spring Affordable and Special Needs Housing (ASNH) awardees on Friday. The funds are aimed at 34 projects for both existing and new units for low-income households.

“These projects will provide critical support to our most vulnerable populations, strengthening our economy, and improving the quality of life for countless Virginians,” Youngkin said in a release. “Stable and affordable housing is foundational to building a thriving economy. These projects were carefully selected to ensure they make the most impact on their future residents and the surrounding communities.”
The projects have 1,990 total units, including 1,588 new construction units, 16 units for sale for home ownership opportunities, and 137 for permanent supportive housing.
In addition to the announced loans, the projects will also use an additional $693 million in federal, state, local, and private loans.
The 34 projects were selected out of 61 applications requesting $73 million.
The Virginia Department of Housing and Community Development oversees the ASNH loans. The projects are funded by three main sources: the Virginia Housing Trust Fund (VHTF), the National Housing Trust Fund, and the federal HOME Investment Partnerships Program.
The VHTF uses state resources allocated by the General Assembly to support affordable housing projects and increase home ownership. It also provides homelessness reduction grants.
In 2013, the General Assembly passed Delegate Alfonso Lopez’s (D-Arlington) legislation creating the VHTF, and from fiscal year 2014 through FY 2020, legislators allocated about $9 million a year, for a total of $63 million.
In FY 2021, the General Assembly dramatically increased its allocation to the fund, investing $70.7 million, and in FY 2022 it allocated $55 million to the fund, according to Housing Forward Virginia.
The recently passed FY 2023-2024 budget includes $75 million in each year for deposits to the fund, and requires homelessness reduction grants to be prioritized for youth and family homelessness and to expand permanent supportive housing.
Secretary of Commerce and Trade Caren Merrick said in the release, “Affordable and Special Needs Housing loans continue to be a vital resource for increasing the stock and availability of affordable housing and supporting an economy that works for all Virginians.”

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Eric Burk is a reporter at The Virginia Star and The Star News Network. Email tips to [email protected].

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