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

2. 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

3. Virginia’s Rural Housing

4. 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.

5. 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…

6. 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

7. Virginia’s Rural Housing

8. 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

9. 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.

10. Old Price’s Fork

11. Old Price’s Fork

12. Senior Apartments

13. Senior Apartments

14. Senior Apartments

15. Senior Apartments

16. Senior Apartments

17. Senior Apartments

18. Senior Apartments

19. Old Price’s Fork

20. Vibrant Community Initiative (VCI)
Lyndsi Austin (804) 371 – 7122 Nancy Palmer (804)