New Road Community Development Group receives $2.1 million in loan funding

The New Road Community Development Group has received another $2.1 million in loan funding from the Commonwealth of Virginia for its ongoing project, as part of $93 million in Affordable and Special Needs Housing loans for 57 projects across the Commonwealth from Governor Glenn Youngkin.

The Virginia Department of Housing and Community Development (DHCD) administers Affordable and Special Needs Housing (ASNH) loans, which combines 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 (NHFT), 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.

The New Road Community Development Project will receive three tranches of loan funding in the amount of $700,000 each. Legacy Phase 1 is the new construction of six single-family homes on the Eastern Shore. This project features one-, two-, three- and four-bedroom homes for sale to households with incomes at or below 60-80% of the area median income. Legacy Phase II Rental Units is the new construction development of six three-bedroom townhome style homes for households with incomes at or below 60% of the area median income. These Energy Star certified homes are part of the larger, eight-acre Legacy Project development. Legacy Phase II Homeownership Units is the new construction development of six three-bedroom townhome style homes for  households with incomes at or below 80% of the area median income. These Energy Star certified homes are part of the larger, eight-acre Legacy Project development.