Virginia will see roughly 550 affordable apartments created across the state over the next two years, courtesy of $6.9M in new loans and grants announced by Gov. Terry McAuliffe.
Funding for the apartments will come from a housing trust fund that offers interest-only payments for the first 20 years and which are forgivable after 30 years, the Washington Post reports. Legislation sponsored by Del. Alfonso H. Lopez created the fund.
The first set of loan recipients has been announced, including a $750k loan to the Arlington Partnership for Affordable Housing for its Columbia Hills development. Last month, the Arlington County board unanimously approved a redevelopment project from APAH and the Arlington Presbyterian Church congregation that will bring 173 affordable units to Columbia Pike.
Other awards include a $600k loan to Pathway Homes for its permanent supportive housing program in Fairfax County and a $100k grant to Northern Virginia Family Services for its homeless reduction efforts. [WaPo]
