RICHMOND, VA – Today at the Governor’s Housing Conference in Virginia Beach, Governor Glenn Youngkin announced the Workforce Housing Investment Program, a new initiative at Virginia Housing that will invest $75 million over five years with the potential to catalyze $750 million and build 5,000 units of workforce housing in conjunction with economic development projects in the Commonwealth.
The Governor also today issued Executive Order 42, which formally ties economic development to workforce housing supply by enhancing the alignment between economic development announcements and housing availability in the Commonwealth. Under the governor’s direction, Virginia Economic Development Partnership and the Department of Housing and Community Development will coordinate with Virginia Housing to ensure business site investment decisions include nearby localities’ plans to foster housing development to support economic growth.
“With record employer relocations and expansions in the Commonwealth, over $85 billion in capital investment, nearly 250,000 jobs created, and a reversal of recent trends on net-out migration, it is clear that Virginia is growing and we need to make sure the supply of housing can meet our surging demand,” said Governor Glenn Youngkin. “The private sector is ready to step in and meet the needs of our growing workforce with much needed workforce housing, and today’s announcement advances these efforts by accelerating workforce housing development and requiring local governments to support the housing growth that Virginia needs.”
“The Workforce Housing Investment Program ensures that companies moving to Virginia have a set of tools to work with communities in development of housing for their workforce,” said Secretary of Commerce & Trade Caren Merrick. “We will support business growth and encourage increased development of workforce housing for Virginia families.”
“Affordable housing changes lives, and it also attracts businesses that grow and add new jobs. This new, flexible program allows us to magnify our collective impact through partnering directly in the communities that need assistance for middle-income workers,” said CEO of Virginia Housing Tammy Neale.
Under the Workforce Housing Investment Program, Virginia Housing will provide loans, loan subsidies, and grants up to $3 million to localities and nonprofits to develop housing for workers earning 80-120 percent of area median income, or up to 150 percent in rural areas. To be eligible for investment, a locality must be within a 30-minute drive of a business adding new jobs: 100 for a non-distressed locality, 50 for a distressed locality, and 25 for a double-distressed locality. Visit virginiahousing.com for more information.
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Read More: https://governor.virginia.gov/newsroom/news-releases/2024/november/name-1036444-en.html
