Youngkin unveils record-breaking $154.5 million in affordable housing loans

RICHMOND, Va. (WRIC) -- Gov. Glenn Youngkin announced a record-breaking over $154.5 million in Affordable and Special Needs Housing (ASNH) loans for dozens of projects in Virginia on Thursday.

The projects will go to 47 projects in the Commonwealth, and will support 3,014 homes for low-income households. Of the dozens of localities supported by the new loan program, seven are in Richmond, one in Emporia and one in Hopewell, per a release.

“These loans leverage a total of $1.1 billion to provide accessible and affordable housing for all Virginians. This is a cornerstone for the prosperity of our Commonwealth,” Youngkin said. “By prioritizing housing, we strengthen our economy, reinforce our communities, and build a stronger, more vibrant Virginia for generations to come."

The Virginia Department of Housing and Community Development (DHCD), funded by the Commonwealth to support financing for housing construction projects for affordable housing units, administers the ASNH loans, per Youngkin's office.

The funding helps support moderate- and low-income families, as well as homeless reduction grants to help with rehousing and longer-term housing solutions.

To read the full press release from the governor's office, click here.