JAMES CITY COUNTY – Last Thursday, June 8, Gov. Ralph Northam announced more than $ 21 million in affordable and adapted housing loans for 24 projects across Virginia, creating or preserving 1,266 affordable housing units for low and very low income households.
Powhatan Terrace Townhomes will construct 36 two- and three-bedroom rental townhomes in six two-storey buildings. The development will serve individuals and families with incomes below 60 percent of the MAI.
The site also includes a playground, green spaces and a walking path. Five units will meet universal design requirements and all buildings will meet Energy Star standards.
Colonial Behavioral Health will provide permanent supportive housing services to residents with intellectual or developmental disabilities or severe mental illness. Housing and financial counseling services will be offered to all residents. The development will also have a community room with free wi-fi for residents.
The Virginia Department of Housing and Community Development (DHCD) administers Affordable and Special Housing Loans (ASNH), which combine state and federal resources to provide a streamlined 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 the Housing Innovations in Energy Efficiency (HIEE) funds.
In this cycle, DHCD has provided 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, according to the press release.
Governor Northam and the General Assembly invested a historic $ 70.7 million in the VHTF this fiscal year, which funds housing projects that create or maintain affordable housing, lower housing costs affordable and increase home ownership.
The VHTF is a key funding source to support middle and low income families in addition to providing homelessness reduction grants for rapid rehousing and longer term housing solutions for people experiencing homelessness. chronic.
ASNH loans are granted by way of competition. Forty-one applications requesting over $ 45 million were received for this round of funding.
The funded projects will leverage more than $ 307 million in additional federal, state, local and private lending resources.
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