More than 370 new affordable rental housing units are set to be built in Virginia Beach with support from the Attainable Workforce Housing Performance Grant. The City Council and the Virginia Beach Development Authority (VBDA) have approved this grant program for two multi-family developments: Grand Lake Senior Apartments and The Silo Apartments.
These projects are the first to receive funding since the launch of the AWHP Grant Program in September. When completed, they will offer a total of 372 units targeted at households earning about 60% of the Area Median Income.
The purpose of the AWHP Grant Program is to encourage private development of affordable, quality rental housing. Recent studies indicate that one out of three households in Virginia Beach spends more than 30% of their income on housing, classifying them as cost-burdened. There is a shortage of affordable rentals, particularly for residents with very low incomes, including essential workers living alone and seniors on fixed incomes.
“This program comes at a crucial time and will make a significant impact on meeting the critical need for more housing that is affordable for seniors and workforce members in our community,” said Ruth Hill, director of Housing & Neighborhood Preservation. “Council’s longstanding commitment to make the creation and maintenance of affordable housing a top priority in Virginia Beach, and VBDA’s additional support for this initiative, played a pivotal role in leveraging this new development tool and getting this innovative solution off the ground.”
On October 21, City Council passed resolutions to approve grants for The Silo Apartments L.P. and Grand Lakes L.P., authorized the city manager to execute related agreements, and requested VBDA’s approval. Franklin Group Companies is developing both apartment complexes.
For further information about the AWHP Grant, Sharon Shoff, Housing Development manager, can be contacted at 757-385-5836 or SShoof@VBgov.com.
