Governor Northam announces affordable housing investments

MGN
By  | 

RICHMOND, Va. (WDBJ7) -- Governor Ralph Northam announced that the Virginia Housing Development Authority (VHDA) made its first affordable housing investment in a partnership with Amazon.

The VHDA has awarded a $5 million grant and nearly $83 million mortgage loan to Parkstone Alexandria, and Alexandria apartment community, to develop affordable housing near Amazon's new headquarters.

According to a press release, the development will provide 326 units, most of which will be available to those meeting certain income requirements.

the VHDA has allocated $15 million per year for five years to support affordable housing initiatives in Northern Virginia.

“We know that access to quality, affordable housing is key to attracting new businesses to our Commonwealth,” said Governor Northam. “That’s why addressing Northern Virginia’s housing needs was a central component of our proposal to Amazon and continues to be at the forefront of our efforts to create thriving communities for all Virginians."

This investment supports the affordable housing priorities outlined in Executive Order Twenty-Five, which Governor Northam signed in November 2018 following the announcement of Amazon headquarters coming to Virginia.

Copyright 2020 WDBJ7. All rights reserved.