BLACKSBURG, Va. (WFXR) — Amid a growing deficit of all types of housing — including a particular need for new homes for those with low- to moderate-incomes — Blacksburg is facing a need to develop a number of new homes, as well as rehabilitate and retain existing homes that might otherwise become unaffordable or uninhabitable.
Using $4 million from the American Rescue Plan, the Town of Blacksburg says it recently established an Affordable Housing Development Fund in order to give housing developers and builders incentives to help the community by doing the following:
- Increase the supply of affordable housing for low and moderate-income households near jobs, services, schools, and public transit.
- Promote diversity and vitality of neighborhoods, with a focus on housing for permanent residents.
- Preserve existing affordable housing through renovation, repair, and retrofitting.
According to town officials, possible projects include the construction of new housing for sale or rent, the preservation of existing affordable housing, the conversion or adaptive reuse of existing non-residential structures for housing, or the purchase and rehabilitation or conversion of market-rate developments to affordable housing.
“The Affordable Housing Development Fund will financially support, through either a grant or a no-interest loan, proposals that address the need for long-term affordable housing,” the Town of Blacksburg said in a statement on Monday, Aug. 15. “Applicants must have a demonstrated track record in one or more of the following areas: residential real estate development/construction (multi-unit experience where applicable), affordable housing development, and/or management. They must also be willing to provide long-term affordable housing to a mix of low- to moderate-income households. “
For more information about the definitions of low- to moderate-income households, you are encouraged to check out the “Let’s Talk Blacksburg” page.
Officials tell WFXR News that applications for the Affordable Housing Fund program will be accepted on a rolling basis through February 2023.
You can learn more about the program and download a copy of the application by clicking here. Anyone interested in applying for the Affordable Housing Fund can also reach out to Blacksburg’s housing staff if you have questions about the fund or the application process.