JAMES CITY DISTRICT – Last Thursday, June 8, Gov. Ralph Northham announced more than $ 21 million in affordable and specialty housing loans for 24 projects across Virginia, creating or maintaining 1,266 affordable housing units for families with low and low exceptionally low incomes.
Powhatan Terrace Townhomes will build 36 two- and three-bedroom townhouses in six two-story buildings. The complex will serve individuals and families with incomes less than 60 percent of the AMI.
The territory also has a playground, a green area and a walking path. Five units will meet the universal design requirements and all buildings will meet Energy Star standards.
Colonial Behavioral Health will provide ongoing supportive housing services for residents with intellectual or developmental disabilities or severe mental illness. Housing and financial advice will be available to all residents. The complex will also have a public room with free Wi-Fi for residents.
The Virginia Department of Housing and Community Development (DHCD) administers Affordable Housing 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 (NHTF), the Virginia Housing Trust (VHTF), and the Housing Innovation Energy Efficiency Fund (HIEE).
According to the press release, in this round, DHCD has committed 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 this fiscal year have poured a historic $ 70.7 million into VHTF, which provides funding for housing projects that create or maintain affordable housing, lower the cost of affordable housing, and increase home ownership.
The VHTF is a key source of funding to support middle- and low-income families in addition to providing homeless reduction grants for rapid relocation and long-term housing solutions for those with chronic homelessness.
ASNH loans are awarded on a competitive basis. For this funding round, 41 applications were received, valued at over $ 45 million.
The projects financed will attract more than $ 307 million in additional credit resources at the federal, regional, local and private levels.