August 26, 2024

Community Housing Partners (CHP), which provides affordable and sustainable housing throughout the Southeast and Mid-Atlantic, is pleased to announce that it has been awarded $3.2 million in Affordable and Special Needs Housing (ASNH) loans from the Commonwealth of Virginia to support the development and rehabilitation of affordable rental options in two key locations. The state awarded CHP $2.4 million for substantial renovations at North Fork Manor in Saltville and $800,000 for the development of Legacy on Main in Blacksburg.

These initiatives are part of Governor Glenn Youngkin’s recent announcement of over $22 million in ASNH loans to 14 projects across Virginia. “By bolstering Virginia’s affordable housing stock, we are strengthening our growing economy and planting the seeds of lasting economic empowerment through the power of home ownership,” said Governor Glenn Youngkin in the state’s announcement. “By making targeted investments in transformational projects, we can create an even brighter future with greater opportunities for all Virginians.”

Andy Davenport, Vice President of Real Estate Development at CHP, expressed his enthusiasm for the funding. “These awards enable CHP to continue our mission of creating and preserving affordable, sustainable housing for families across Virginia,” he said. “North Fork Manor and Legacy on Main are vital to their communities, and this funding will ensure that they meet the needs of residents for years to come.”

Located in Smyth County, North Fork Manor will undergo significant renovations to its 56 townhouse-style apartments. This community, which offers two-, three-, and four-bedroom homes, will be made affordable to residents earning between 30% and 60% of the area median income (AMI). The renovations will ensure that these homes remain accessible and comfortable for current and future residents. In addition to the ASNH loan, funding for this project comes from multiple sources, including REACH Virginia, the Virginia Housing Trust Fund, the National Housing Trust Fund, NeighborWorks America, the Capital Magnet Fund, and Housing Innovations in Energy Efficiency (HIEE) funding.

Legacy on Main will bring 56 new affordable apartments to the heart of Blacksburg, offering much-needed housing options for local workers such as teachers, police officers, and Virginia Tech employees. The development is strategically located near jobs, public transportation, and amenities, and will serve residents earning between 30% and 80% AMI. Other funding sources for Legacy on Main include REACH Virginia, the Virginia Housing Trust Fund, Virginia HOME, the National Housing Trust Fund, the New River Valley Housing Trust Fund, the Town of Blacksburg, HIEE, NeighborWorks America, and Congressionally Directed Spending.

Affordable and Special Needs Housing loans are administered by the Virginia Department of Housing and Community Development (DHCD). The program combines state and federal resources, including the federal HOME Investment Partnerships Program and the National Housing Trust Fund, to provide a streamlined application process for housing providers. In this funding round, 55 applications were submitted, with 14 projects receiving awards.

For more information about the ASNH program, visit the DHCD website.