Virginia’s Rural Housing Initiatives

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Presentation transcript:

Virginia’s Rural Housing Initiatives Virginia Department of Housing and Community Development

Virginia’s Rural Housing More than 785,000 people (308,000 households) live outside of Virginia’s Metro and Micropolitan area Demand for housing in town Second-home market driving up housing costs making it unaffordable for low-wage working households Housing with incomplete facilities and older housing stock remain issues Vacant, abandoned housing has negative impacts

Virginia’s Rural Housing

Rural Housing: DHCD Resources Geography Amount CDBG –planning, community services, infrastructure, housing BOS $16 million/annual HOME –Homeowner Rehab $1 -2 million/annual (includes some state $) HOME –Rental and Homebuyer Development Scoring preference for BOS $3-6 million (includes state and National HTF) APPALACHIAN REGIONAL COMMISSION (ARC) Southwest counties and Shenandoah Valley $11 million Talking point –depending on the number and type of projects… final funding amounts could be higher than $1.25 in CDBG entitlement areas.

Vibrant Community Initiative (VCI) Pilot program –currently in year three To fund transformative local/regional projects Must have strong community process and local buy in Must include housing with economic/community development component (s) Not a just rental project…

VCI 2017Funding CDBG, HOME, VA HTF, VHDA, and other potential funding Source Amount CDBG $2 Million HOME $1 Million VA Housing Trust Fund VHDA $500,000 TOTAL $4.5 Million Two - three projects $2.25 million -maximum request –Non CDBG entitlement $1.25 million -maximum request –CDBG entitlement Must leverage other federal, state, and local resources 25 percent local match requirement (based on request) Talking point –depending on the number and type of projects… final funding amounts could be higher than $1.25 in CDBG entitlement areas. CDBG, HOME, VA HTF, VHDA, and other potential funding

Virginia’s Rural Housing

Montgomery County (Blacksburg area) Vibrant Community Initiative (VCI): Old Price’s Fork Comprehensive Revitalization Project Montgomery County (Blacksburg area) $2.5 award ($7,800,000 total costs) Adaptive re-use of old school property Existing structure to include senior rental housing, community kitchen, farm-to-table restaurant, brewery, business incubator, and market) New construction mixed-income rental on property Substantial local collaboration Diversity of funding

Old Price’s Fork: VCI Funding Multiple Family Mixed Income Rental VCI VA HTF Plus other non-VCI resources Brewery/market/restaurant VCI CDBG Locality is the grantee Local loan to the developer Small Business Incubator DHCD Building Entrepreneurial Economies Already had a prior commitment in senior rental component.

Old Price’s Fork

Old Price’s Fork

Senior Apartments

Senior Apartments

Senior Apartments

Senior Apartments

Senior Apartments

Senior Apartments

Senior Apartments

Old Price’s Fork

Vibrant Community Initiative (VCI) Lyndsi Austin lyndsi.austin@dhcd.virginia.gov (804) 371 – 7122 Nancy Palmer nancy.palmer@dhcd.virginia.gov (804) 371 - 7102