Town of Blacksburg launches affordable housing development fund

BLACKSBURG, Va. (WDBJ) - The Town of Blacksburg has established an Affordable Housing Development Fund to increase the number of new homes for low-to-moderate-income households and to rehab existing homes that might otherwise become unaffordable or uninhabitable.

The fund uses $4 million from the American Rescue Plan Act to incentivize housing developers and builders interested in helping Blacksburg:

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.
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 town says Affordable Housing Development 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. They must also 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.

Click here to learn more about the Affordable Housing Fund program and download a copy of the application. Interested applicants are also 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 on a rolling basis through February of 2023.