CHARLOTTESVILLE, VA (June 24, 2022) – “Affordable, safe housing should be available to every Virginian,” U.S. Sens. Mark R. Warner and Tim Kaine said in their announcement of the $9,000,000 designation to three Virginia-based organizations. “This funding will allow Virginia organizations to continue their crucial work of securing housing for those in need.”
The funds will be broken down as follows:
$5,000,000 for the Arlington Partnership for Affordable Housing, Inc. in Arlington, VA.
$2,000,000 for AHC Inc. in Arlington, VA.
$2,000,000 for Piedmont Housing Alliance.
Charlottesville has the second-highest cost of living in Virginia and the region’s high cost of housing is linked to a limited supply at all income levels. High development and construction costs, high land and acquisition costs, and limited subsidy resources translate to significant funding gaps for affordable housing developments. Without adequate subsidies, it is virtually impossible to build affordable housing.
Piedmont Housing’s award will specifically help close increasing funding gaps tied to inflationary construction costs for Friendship Court Phase 2 and the Southwood Apartments development, totaling 206 affordable homes in Charlottesville and Albemarle County.