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.