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Gov. Youngkin announces over $139M towards affordable housing in Virginia

PORTSMOUTH, Va. (WAVY) – Governor Glenn Youngkin announced over $139 million in loans to go towards affordable and special needs housing in communities throughout the Commonwealth, including in neighborhoods in Hampton Roads. 'Providing accessible and affordable housing for all Virginians is more than a fundamental need—it's a cornerstone of our state's prosperity,' Youngkin said. 'When we prioritize housing affordability and availability, we drive economic progress, fortify our communities, and build a stronger, more vibrant Virginia for generations to come.' Funding for the projects comes from the federal HOME Investment Partnership Program, the federal National Housing Trust Fund (NHFT), Housing Innovations in Energy Efficiency (HIEE) and the Virginia Housing Trust Fund (VHTF). According to a release, the VHTF, which is provided by the General Assembly, helps to provide funding housing construction projects that create and preserve affordable housing, reduce the cost of affordable housing and to increase homeownership. The funds will both help with the affordable housing in Virginia, but also help to support homeless reduction efforts by providing rapid rehousing and long-term housing solutions for individuals experiencing chronic homelessness. 'Affordable and accessible housing is essential for a thriving economy, and our dedication to addressing this critical need remains steadfast,' Secretary of Commerce and Trade Caren Merrick said. 'These efforts will not only enhance and grow our affordable housing stock but also pave the way for a stronger, more resilient and prosperous Virginia for everyone.' The funding will create nearly 3,000 housing units for low-income families in Norfolk, Newport News, Portsmouth, Chesapeake and Southampton County. For more information on the funding and where it is being applied, click here. Continue to check for updates. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.