Gov. Glenn Youngkin announced the allocation of over $15 million in funding for the Virginia Workforce Housing Investment Program.
The program provides loans, loan subsidies, and grants to support communities developing housing for homeowners and renters making 80% to 120% of the Area Median Income (AMI), or up to 150% of AMI in rural areas. Workforce Housing Investment Program awards of up to $3 million are available to localities within a set radius of a new or expanding business where a qualified job announcement was made within the previous fiscal year. Up to $5 million is available for transformational projects of 500 new jobs or more.
According to the governor’s office, the new funding will be used to support middle-income housing development in 14 localities, creating 550 workforce housing units. In total, the projects will leverage over $200 million in additional private and public investment.
“Stable, affordable, and high-quality housing is foundational to strong communities, a growing Virginia economy, and long-term opportunity across the Commonwealth,” said Youngkin. “Through the Workforce Housing Investment Program, we’re expanding housing options for working families, strengthening local economies, and ensuring Virginians can live, work, and raise their families in communities they’re proud to call home.”
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 formally ties economic development to workforce housing supply by enhancing the alignment between economic development announcements and housing availability in Virginia.
Photo: Famartin / Wikimedia Commons
