Blacksburg announces $4M for affordable housing

The Affordable Housing Development Fund will increase, promote, and preserve affordable housing in the area

Affordable housing in Blacksburg

BLACKSBURG, Va. – In June, Blacksburg began to push for more affordable housing, and it didn’t stop there.

On Monday, the Town of Blacksburg announced the Affordable Housing Development Fund to combat the growing deficit of all housing types, especially those available to low to moderate-income households.

Using $4 million from the American Rescue Plan Act, the release said that the Affordable Housing Development Fund would help the down do the following:

  • Increase affordable housing for low to moderate-income households, located near workplaces, services, schools, and public transit locations,
  • Focus on housing for permanent residents, thus promoting the diversity and vitality of Blacksburg communities,
  • Maintain existing affordable housing by making renovations and repairs.

The fund will provide support proposals that address the need for long-term affordable housing through either a grant or an interest-free loan, according to the release.

The release said that those who apply must have a demonstrated history in residential real estate development, residential real estate construction, affordable housing development, or management and that they must be willing to provide housing to both low and moderate-income households.

You can learn more about the Affordable Housing Fund program and how to apply here.

Applications will be accepted through February of 2023, according to the release.

About the Author:

Alli Graham came aboard the digital team as an evening digital content producer in June 2022.