Governor Ralph Northam announced big increases for affordable housing programs in his upcoming biennium budget proposal. Governor Northam’s proposed budget invests $113 million, including $92 million in new funding, for increased investments in the Virginia Housing Trust Fund, reducing eviction rates, and creating a healthier housing system. This is a huge win for our members who have tirelessly advocated for the expansion of housing opportunities and an end to homelessness in Virginia.
Here’s a breakdown of the proposed funding:
Increased Investments in the Virginia Housing Trust Fund
- $84 million to the Virginia Housing Trust Fund (VHTF), which assists local and regional efforts to implement affordable housing solutions
- $7 million of additional funding in FY 2020 to bring the total to $14 million
- $23 million additional funding in FY 2021 to bring the total to $30 million
- $33 million additional funding in FY 2022 to bring the total to $40 million
- This funding provides financing for housing construction projects that create or preserve affordable housing units that reduce the cost of affordable housing and helps increase ownership.
- The funding also provides homeless reduction grants to provide rapid re-housing and longer-term housing solutions for those experiencing homelessness.
Reducing Eviction Rates
• $6.6 million over the biennium to establish and Eviction Prevention and Diversion Pilot Program.
• The pilot program will enable local or regional partners to apply for assistance through a competitive process to implement prevention and diversion programs in an effort to help cover the costs associated with a pending or potential eviction
Permanent Supportive Housing
• $8.9 million over the biennium for 350 new rental assistance slots for individuals with intellectual or developmental disabilities.
• $8.5 million over the biennium in PSH funds for individuals being discharged from state behavioral health facilities.
• $5 million over the biennium to acquire or develop clinically appropriate housing options as part of community-based services for individuals deemed ready for discharge from state facilities.
Read the Governor’s entire press release here!
Virginia Housing Alliance
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