Montgomery County, VA – The Town of Blacksburg recently announced that it has established an Affordable Housing Fund (AHF) that aims to serve the moderate to lower-income segment of the population. The fund will utilize money from the American Rescue Plan Act, which was established to aid communities grappling with the economic impacts of COVID-19.
The announcement clearly addresses the issue saying, “The town of Blacksburg faces a growing deficit of housing of all types, with a particular need for new homes for low- to moderate-income households.”
The announcement goes on to say, “Because creating affordable housing is not very profitable, affordable housing projects often require financial investment from multiple public sources. An AHF provides a flexible source of local funding to leverage other public, private, and philanthropic investments in affordable housing or support investments (fill gaps) that would not otherwise be filled through existing public programs”.
The town specified that the fund will aim to incentivize housing developers and builders who can demonstrate that their project will achieve one or more of the goals listed below:
- Increase the supply of affordable housing for low- and moderate-income households near services such as schools, employers, and public transit.
- Promote the “diversity and vitality” of neighborhoods; and preserve existing affordable housing through renovation & repair.
- Retrofit existing affordable housing through renovation and repair.
To qualify for funding, the town’s website details that the developer/builder applicants must have a “demonstrated track record” of prior residential development experience, preferably within the affordable housing sector.
Learn more housing in Blacksburg, a community in Virginia’s New River Valley here.
Onward NRV: Onward NRV is a public/private, regional economic development organization whose mission is to attract and retain world class jobs, investment, and talent in Virginia’s New River Valley. It’s also a movement where leaders from business, government, and higher education work together to promote the economic vitality of the region.