Henrico community receives $800k in state funding
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A Henrico County apartment complex received $800,000 in state funding, Virginia Gov. Ralph Northam announced last week.
Community Housing Partners received the money for a project at The Apartments at Kingsridge 2. In total, more than $8.9 million in Affordable and Special Needs Housing loans was earmarked for 14 projects throughout the state.
Projects are focused on affordable new construction and rehabilitation housing projects, as well as permanent supportive housing options for people with intellectual and developmental disabilities. Affordable and Special Needs Housing loans are awarded through a competitive process, with the Virginia Housing Trust Fund serving as a key source of financing for these affordable housing initiatives to support moderate- and low-income families.
The Virginia Department of Housing and Community Development administers the Affordable and Special Needs Housing program and combines state and federal resources to ensure a simplified application process. Funding comes from three main sources: the federal HOME Investment Partnerships Program, the federal National Housing Trust Fund and the Virginia Housing Trust Fund.
