Virginia Gov. Glenn Youngkin has announced more than $16.9 million of funding for the Virginia Workforce Housing Investment Program to support the development of 740 workforce housing units across 10 localities.
Virginia Housing administers the Workforce Housing Investment Program, which aims to increase the workforce housing supply in areas that have new or expanding businesses. The projects will leverage over $254 million in private investment. The program provides loans, loan subsidies, and grants to support communities developing housing for homeowners and renters making 80%-120% of the area median income (AMI), or up to 150% of AMI in rural areas.
“Through this new innovative program, we are catalyzing workforce housing construction by partnering with the private sector and local governments,” said Youngkin. “The efforts through our Workforce Housing Investment Program are supporting housing affordability, availability and accessibility for a growing Virginia.”
Youngkin first announced creation of the Workforce Housing Investment Program during the 2024 Virginia Governor’s Housing Conference, in conjunction with Executive Order 42, which links economic development to workforce housing supply by enhancing the alignment between economic development announcements and housing availability.
