Virginia Housing Awards $46 Million to 25 Redevelopment and Housing Authorities in the Commonwealth

Richmond, Va. – Virginia Housing has allocated a percentage of its annual REACH resources to support public housing revitalization. (REACH is a multifaceted resource that Virginia Housing uses to support vital housing initiatives through its Homeownership, Rental and Community Outreach programs). $46 million will be awarded to 25 housing agencies across the state in the form of a one-time Public Housing Revitalization (PHR) grant with the purpose of facilitating and accelerating 38 projects to transform, rehabilitate, or improve Redevelopment and Housing Authorities’ (RHA) existing public housing stock.

The grant will help fill funding gaps in public housing transformation projects that are under development or in the planning stages, ultimately providing much needed financial resources to aid in the financing of new public housing transformation projects and funding of capital improvements that will enhance and extend the useful life of traditional public housing units.

There are currently 25 RHAs in the Commonwealth which have public housing portfolios supported by the U.S Department of Housing and Urban Development (HUD) Capital Fund Program (CFP). While this funding is available annually, a significant gap has existed for decades between the HUD funding for public housing capital needs and the actual needs of these RHAs. Because public housing serves such an important solution when it comes to housing many residents across the Commonwealth, Virginia Housing developed this new resource to provide a one-time match to the HUD CFP.

“Virginia Housing has long worked side-by-side with the Public Housing Authority network to help these organizations maintain and create housing options for many of Virginia’s residents. This new resource will be a catalyst for the continued revitalization and transformation of these vital communities,” says Chris Thompson, Director of Strategic Housing at Virginia Housing.

For more information about how Virginia Housing is helping communities, visit https://www.virginiahousing.com/partners/housing-partners/grant or contact grants@virginahousing.com.

About Virginia Housing By investing in the power of home, Virginia Housing transforms where and how millions of Virginians live and thrive, strengthening communities and the economy. Founded in 1972 as the Virginia Housing Development Authority (VHDA), Virginia Housing is celebrating its 50th year of working in partnership with the public and private sectors to help Virginians attain quality, affordable housing. While receiving no state taxpayer dollars, Virginia Housing raises money in capital markets to provide mortgages to first-time homebuyers, financing for rental developments and neighborhood revitalization efforts. Virginia Housing invests in innovations in affordable housing, and makes homes for people with disabilities and older Virginians more livable. Learn more at Virginiahousing.com and review its most recent annual report.