Workforce Housing Directive To Bolster Economic Development and New Home Construction in Virginia
Virginia will help fund housing construction near major business developments, Gov. Glenn Younkgin announced this week.
A new executive order, on the heels of an announcement about a major manufacturing development near Danville, sets a goal of investing $75 million towards localities that want to bolster housing supply tied to new job creation over the next five years.
“The private sector is ready to step in and meet the needs of our growing workforce with much needed workforce housing,” Youngkin said in a release announcing his order. “(This) announcement advances these efforts by accelerating workforce housing development and requiring local governments to support the housing growth that Virginia needs.”
How the funding will fuel housing supply
With a shortage of about 200,000 affordable housing units and a housing demand of about 4 million units overall, according to a study and state government analysis, the new investments aim to help foster construction.
Youngkin anticipates his new order can help create about 5,000 units.
As part of Executive Order 42, the Workforce Housing Investment Program will consist of loans, subsidies and grants for localities and nonprofits to develop new housing near new employers in regions of the state. It also states that localities planning to tap into the Virginia Business Ready Sites Program will need to provide housing plans to demonstrate how they can accommodate job growth.
