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Development Authority approves two attainable‑housing projects under new workforce program
Summary
The Virginia Beach Development Authority approved resolutions to support Grand Lake Senior Apartments (172 units) and The Silo (workforce apartments) under the city’s Attainable Workforce Housing program; both awards are structured as multi‑year incremental tax rebates tied to affordability performance.
The Virginia Beach Development Authority on Oct. 14 approved two resolutions to authorize participation in the Attainable Workforce Housing program and to execute support agreements with the city for two proposed affordable rental projects.
Sharon Shope, Housing Development Manager in the City of Virginia Beach Department of Housing and Neighborhood Preservation, presented details on both projects and the program. The program uses incremental real‑estate tax revenue generated by a completed project to fund a rebate to the developer if the project meets affordability and performance requirements; staff emphasized the program is self‑sustaining and does not draw on general fund revenues.
Grand Lake Senior Apartments: Staff said Grand Lake Senior Apartments is a proposed…
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