Governor Glenn Youngkin announced the Workforce Housing Investment Program, a new initiative at Virginia Housing that will invest $75 million over five years with the potential to catalyze $750 million and build 5,000 units of workforce housing in conjunction with economic development projects in the Commonwealth.
The Governor also today issued Executive Order 42, which formally ties economic development to workforce housing supply by enhancing the alignment between economic development announcements and housing availability in the Commonwealth.
Under the Workforce Housing Investment Program, Virginia Housing will provide loans, loan subsidies, and grants up to $3 million to localities and nonprofits to develop housing for workers earning 80-120 percent of area median income, or up to 150 percent in rural areas.
To be eligible for investment, a locality must be within a 30-minute drive of a business adding new jobs: 100 for a non-distressed locality, 50 for a distressed locality, and 25 for a double-distressed locality.
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