Piedmont Housing Receives more than $13 Million in Funding to Develop Affordable Housing
On March 6, the Virginia Governor’s Office announced more than $129 million in Affordable and Special Needs Housing loans for 78 projects across the Commonwealth. Of those funds, $13.665 million are allocated to three Piedmont Housing Alliance projects in the city of Charlottesville – $6.8M for 501 Cherry Avenue, $4.065M for the redevelopment of the MACAA site on Park Street, and $2.8M for Kindlewood Phase 2.
“The announcement that more than $13 million is going to Piedmont Housing projects is welcome news to our staff, Board, and most importantly to people we serve,” said Executive Director of Piedmont Housing, Sunshine Mathon. “We all know that Charlottesville is a challenging place to find quality, affordable homes. This funding is crucial to Piedmont Housing’s ability to leverage resources to develop such housing in critical areas of our community – the heart of Fifeville, along the Park Street corridor, and just south of the Downtown Mall.”
The Virginia Department of Housing and Community Development (DHCD) administers Affordable and Special Needs Housing (ASNH) loans, which combine state and federal resources to provide a simplified and comprehensive application process. The funding will support new construction and rehabilitation of more than 5,300 affordable and special needs homes statewide.
The Virginia Housing Trust Fund (VHTF) is one of the four sources of overall funding package announced March 6. VHTF is funded by the Commonwealth and supports financing for housing construction projects that create or preserve affordable housing units, reduce the cost of affordable housing, and increase homeownership. This funding is a key source of financing for these affordable housing initiatives to support moderate- and low-income families, as well as supporting homelessness reduction grants to provide rapid re-housing and longer-term housing solutions for individuals experiencing chronic homelessness.
Read the official press release and find the entire list of ASNH awards on the Virginia DHCD website:
https://dhcd.virginia.gov/governor-youngkin-announces-over-129-million-affordable-and-special-needs-housing-loans