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672 - Workforce Housing Investment Program
Funding Opportunity Details

02 Community Impact Support

Final Application Deadline: Mar 31, 2025 11:59 PM

  • Status Posted

    Posted Date Jan 31, 2025 2:28 PM

    Award Amount Range$10,000.00 - $5,000,000.00

    Project Dates 07/01/2025 - 06/30/2027

    Award Announcement Date

    Categorical Area Community Impact Support (CIS)

    Recurring Opportunity

Description
Description
  • Virginia Housing – Notice of Funding Availability

    Workforce Housing Investment Program

    January 2025

     

    Program Description

    Virginia Housing has allocated $15 million for fiscal year 2025 to support communities developing new housing for homeowners and renters making 80%-120% of Area Median Income (AMI).  This program is available in regions with a recent economic development project announcements bringing in new residents requiring affordable housing options for both rental and homeownership.  These include expansions of current employers as well as those new to the locality.  At the completion of development, new housing units would be available and affordable to households making between 80-120% of the Area Median Income.

    Awards of up to $3 million will be available to communities within a 30-minute drive of a new or expanding business where a qualified job announcement was made within the previous fiscal year.  Up to $5 million can be made available for transformational projects of 500 new jobs or more.  Awards may be in the form of grants or loan subsidy.  This program supports the production of either Homeownership Units or Rental Units.  Receiving a Workforce Housing Investment Program award does not guarantee financing from Virginia Housing.

     

    Eligibility

    The applicant must be one of the following: nonprofit organizations, units of local government, or quasi-governmental entities. The applicant may apply in partnership with a private for-profit entity.  Application for program funds requires that each locality or nonprofit provide matching funds as described in the chart below.

    Location 

    Eligibility 

    Match 

    Award 

    Local Match 

    Award Type 

    Nondistressed locality 

    100 new jobs 

    1:1 

    10% of project cost 

    10% of project cost 

    Loan subsidy 

    Single-distressed locality 

    50 new jobs 

    1:2 

    13.4% of project cost 

    6.6% of project cost 

    Loan subsidy 

    Double-distressed locality 

    25 new jobs 

    1:4 

    16% of project cost 

    4% of project cost 

    Grant or Loan subsidy 

     

    Application Process

    All applications must be submitted electronically using the Virginia Housing Grants Management System at https://vhdagrants.com/. Applications submitted beyond the end date stated in the Virginia Housing NOFO will not be accepted. For questions concerning this program or assistance with application submission, contact Chris McNamara, Strategic Housing Officer, at (804) 584-4721 or email Chris.McNamara@VirginiaHousing.com

    The application must include:

    • Evidence of new economic development announcement  

    • Proof of proximity to new job site to verify the units will be within thirty minutes 

    • Market study to show need for new housing 

    • Examples of steps taken in the locality or region to expedite and support further housing development 

    • Other funding sources including meeting requirement for locality match. 

    • Whether the application is for a loan subsidy or a grant (if qualified) 


     

    Approval

    Funds will be awarded based on an assessment of the application and the availability of Virginia Housing funds. This is a competitive funding opportunity and applications will be reviewed by a cross agency team.  Awards will be announced no later than June 30, 2025. 

    Rental developers must apply for construction-to-permanent or permanent financing from Virginia Housing with awarded grant or subsidy built into the development budget.  Homeownership grants will be awarded to the applicant who will contract with Virginia Housing to manage the grant until completion. 

     

    PLEASE REVIEW THE ATTACHED PROGRAM HANDBOOK FOR ADDITIONAL INFORMATION AND RESTRICTIONS

    Map includes a sample of economic development announcements from VEDP that qualify as of 11/12/2024. Other announcements and expansions may qualify.

Attachments
DescriptionFile NameTypeSizeUpload Date
Draft Scoring CriteriaWorkforce-Housing-Investment-Program_draft.pdfpdf948 KB12/17/2024 10:32 AM
Example of Project BreakdownsExamples of Project Breakdowns.pdfpdf110 KB12/11/2024 10:30 AM
FAQsVA Workforce Housing Investment Program FAQs.pdfpdf174 KB12/19/2024 09:32 AM
Workforce Housing Program HandbookWorkforce Housing Investment Program Handbook.pdfpdf985 KB12/16/2024 02:03 PM
Website Links
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