(The Center Square) — From now on, economic and housing development will be tied more closely together in the commonwealth, according to the latest executive order from the governor.
Gov. Glenn Youngkin issued and announced Executive Order 42 Thursday at the annual Virginia Governor’s Housing Conference. The order brings the commonwealth’s economic development and housing authorities together to collaborate on a newly announced Workforce Housing Investment Program. It requires localities applying for funding for the Virginia Business Ready Sites Program to “include a housing plan to match the job potential of each site.”
“It is clear that Virginia is growing and we need to make sure the supply of housing can meet our surging demand,” Youngkin said. “The private sector is ready to step in and meet the needs of our growing workforce with much needed workforce housing, and today’s announcement advances these efforts by accelerating workforce housing development and requiring local governments to support the housing growth that Virginia needs.”
Housing development in Virginia is substantially lagging job growth, and the state is about 550,000 housing units short of meeting current demand, according to the order.
Virginia will support housing development with $75 million over five years through the Workforce Housing Investment Program. Localities and nonprofits can apply for loans, loan subsidies, and grants of up to $3 million through the program to help them develop housing “for workers earning 80%-120% of area median income, or up to 150% in rural areas.”
“To be eligible for investment, a locality must be within a 30-minute drive of a business adding new jobs: 100 for a non-distressed locality, 50 for a distressed locality, and 25 for a double-distressed locality,” according to the order.
“Affordable housing changes lives, and it also attracts businesses that grow and add new jobs. This new, flexible program allows us to magnify our collective impact through partnering directly in the communities that need assistance for middle-income workers,” said CEO of Virginia Housing Tammy Neale.
