Over $60 Million in Affordable, Special Needs Loans in Virginia

Governor Ralph Northam (File Photo/AP)

RICHMOND, Va. (WRIC/WFXR) – More than $60 million in affordable, suitable housing loans for 42 projects across the Commonwealth – including two in the New River Valley – have been announced by Governor Ralph Northam.

According to a statement from the governor’s office on Thursday, Jan. 13, the funding will be used to create or preserve 2,552 affordable housing units for low-income and extremely low-income households.

It will improve access to energy-efficient affordable housing, reduce homelessness, provide lifelong supportive housing options for people with intellectual and developmental disabilities, and make energy efficiency updates in affordable housing , according to officials.

“Affordable, quality housing is essential to building vibrant communities and ensuring that every Virginian has the opportunity to thrive,” Northam said. “We must continue to invest in the Commonwealth’s affordable housing stock, and affordable and supportive housing programs will continue to be a vitally important resource for vulnerable Virginians.”

Two New River Valley communities are among dozens of fall 2021 affordable and suitable housing winners:

  • Grayson Manor | Community Housing Partners (Grayson County)
    • $900,000 from the Virginia Housing Trust Fund (VHTF)
    • $161,180 from the Housing Innovations in Energy Efficiency (HIEE) fund
    • Grayson Manor is an existing 32-unit affordable seniors’ complex with one-bedroom garden-style units.
      This project will acquire and renovate Grayson Manor, with a refurbishment to include new flooring, windows, mechanical systems, light fixtures and appliances.
      In addition, five units will be made more accessible, with units designed to serve seniors whose income is at or below 60% of the AMI.
  • Leggett Building Apartments | Taylor hollow construction (Town of Radford)
    • $700,000 from the federal HOME Investment Partnerships Program
    • $239,700 from the Housing Innovations in Energy Efficiency (HIEE) fund
    • The Leggett Building Apartments will convert the former Leggett Building in Radford into 11 mixed-income rental units, seven of which will be for households earning up to and between 50% and 60% AMI, while four will be market rate.
      The project will include free broadband access for tenants and is located in downtown Radford.

Click here to read Thursday’s full statement from the governor’s office.

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