Youngkin announces $75M Virginia Workforce Housing Investment Program

Virginia's new Workforce Housing Investment Program will invest $75 million during five years to support the construction of 5,000 workforce housing units statewide, as part of an effort that state officials hope also will stimulate $750 million in total investment.

Virginia Gov. Glenn Youngkin made the announcement during his housing conference in Virginia Beach Nov. 14.

The program will offer loans, loan subsidies, and grants of up to $3 million to localities and nonprofits for the development of housing for people who earn 80% to 120% percent of the area median income, with a higher limit of 150% in rural areas.

To qualify for funding, localities must be within a 30-minute drive of businesses that are adding new jobs. The specific job creation thresholds vary based on the economic distress level of the locality: 100 for a non-distressed locality, 50 for a distressed locality, and 25 for a double-distressed locality.

To ensure the program aligns with economic growth initiatives, Youngkin also issued Executive Order 42, mandating coordination between the Virginia Economic Development Partnership, the Department of Housing and Community Development, and Virginia Housing. The goal is to guarantee that business site investment decisions consider the availability of housing in nearby localities.

“With record employer relocations and expansions in the commonwealth, over $85 billion in capital investment, nearly 250,000 jobs created, and a reversal of recent trends on net-out migration, it is clear that Virginia is growing and we need to make sure the supply of housing can meet our surging demand,” Youngkin said. He emphasized the need to support the private sector in providing housing for the growing workforce.

For details about the program, click here.