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Virginia Housing Trust Fund credited with boosting affordable housing production as state invests $87.5 million annually
Summary
Department of Housing and Community Development officials told the Virginia Housing Commission work group that the Virginia Housing Trust Fund is being used as gap financing to push ready-to-build projects into construction and that recent legislative investments have expanded annual capacity to $87.5 million.
The Department of Housing and Community Development told the Virginia Housing Commission—s work group on Aug. 19 that the Virginia Housing Trust Fund has been used since 2013 to generate and preserve thousands of affordable housing units across the Commonwealth.
"When we think about affordable ... we think about keeping a household's costs for housing within 30% of their gross income," said Maggie Beal, a DHCD staff member, describing the agency's targeting of households at 80% or below area median income. Beal said the trust fund is usually the "last in dollars" on projects to close financing gaps and push shovel-ready developments into construction.
DHCD officials said the program combines four funding sources and that, since 2013, trust fund investments have "generated or preserved…
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