New Road Community Development Group Inc. receives $700,000 in state loans for rental housing project

August 16, 2023
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Governor Glen Youngkin announced Tuesday $52,224,544 in Affordable and Special Needs Housing (ASNH) loans for 49 projects across the Commonwealth. Included in the loan package was $700,000 to the New Road Community Development Group for a rental housing project near Exmore. The recommended projects will create and preserve 3,248 total units for low-income and extremely low-income households, including 337 permanent supportive housing units, 3,155 rental units and 93 units for sale as homeownership opportunities.

“Ensuring that Virginians have access to attainable, affordable, and inclusive housing is not only a fundamental need but also a strategic component for the prosperity of our state,” said Governor Glenn Youngkin. “By bolstering the availability of affordable housing, we are planting the seeds of economic empowerment, by strengthening our communities, and ensuring a prosperous Virginia to live, work and raise a family for generations to come.”

The Virginia Department of Housing and Community Development (DHCD) administers ASNH loans, which combine state and federal resources to provide a simplified and comprehensive application process. Funding comes from four main sources: the federal HOME Investment Partnerships Program, the federal National Housing Trust Fund (NHTF), Housing Innovations in Energy Efficiency (HIEE), Permanent Supportive Housing (PSH) state funds and the Virginia Housing Trust Fund (VHTF).

VHTF is provided by the General Assembly and supports financing for housing construction projects that create or preserve affordable housing units, reduce the cost of affordable housing and increase homeownership. This funding is a key source of financing for these affordable housing initiatives to support moderate- and low-income families, as well as supporting homeless reduction grants to provide rapid re-housing and longer-term housing solutions for individuals experiencing chronic homelessness.

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“Accessible and affordable housing is the cornerstone of a thriving economy, and we are dedicated to aligning housing development resources to fulfill this vital requirement across Virginia,” said Secretary of Commerce and Trade Caren Merrick. “As we continue to focus on our Make Virginia Home Plan, these projects will continue to increase our affordable housing by more than 3,200 units and foster a stronger Virginia for all.”

“Increasing and preserving the stock of affordable housing units throughout Virginia and aligning housing affordability with economic growth are key goals of this administration,” said Virginia Department of Housing and Community Development Director Bryan Horn. “This program continues to be an invaluable resource for transforming our communities, reducing housing instability and strengthening our economy.”

Affordable and Special Needs Housing loans are awarded through a competitive process. Sixty applications were received for this round of funding, requesting more than $105 million. The funded projects will leverage over $992 million in additional federal, state, local and private lending resources. To learn more about the ASNH program, visit www.dhcd.virginia.gov/asnh.

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