Facing a growing deficit of housing of all types with a particular need for new homes for low-to moderate-income households, the Town of Blacksburg recently established an Affordable Housing Development Fund using $4 million dollars from the American Rescue Plan.
The fund was established to incentivize housing developers and builders interested in helping the town 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; and preserve existing affordable housing through renovation, repair, and retrofitting.
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 deficit requires the development of a substantial number of new homes and the rehabilitation and retention of existing homes that might otherwise become unaffordable or uninhabitable.
The fund will financially support, through either a grant or a no-interest loan, proposals that address the need for long-term affordable housing. 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. Applicants must be willing to provide long-term affordable housing to a mix of low- to moderate-income households. Visit Let’s Talk Blacksburg for details on how low-to moderate- income households are defined.
Interested applicants are encouraged to reach out to the town’s housing staff to answer any questions related to the fund or the application process. Applications will be accepted through February 2023.
