Phase 1 Receives $2 million in Funding
Last fall we submitted an application to the Virginia Department of Housing and Community Development (DHCD) for Affordable and Special Needs Housing (ASNH) as part of the financing for Phase 1 of the Friendship Court redevelopment.
The $2,000,000 request was significant in comparison to other requests. Earlier this month, Governor Northam announced the projects that were funded and Friendship Court is one of them. This is a major milestone in the funding of Friendship Court Phase 1. The Affordable and Special Needs Housing (ASNH) loan projects are focused on creating affordable new construction and rehabilitation housing projects as well as permanent supportive housing options for people with intellectual and developmental disabilities or serious mental illness.
These 12 funded projects will create or preserve 607 affordable housing units targeting low-income and very low-income Virginians, and leverage over $246 million in additional federal, state, local, and private lending resources.
The Virginia Department of Housing and Community Development (DHCD) administers the ASNH program and combines state and federal resources to ensure a simplified application process. Funding comes from three primary sources: the federal HOME Investment Partnerships Program, the federal National Housing Trust Fund (NHTF), and the Virginia Housing Trust Fund (VHTF).