When it comes to financing workforce housing, one size does not fit all. Each locality has its own unique housing needs. Developers and local governments need to choose the financing that works best for their community, and now they have more options for doing just that, thanks to VHDA's expanded Mixed-income and Mixed-use/Mixed-income programs.
Our Workforce Housing program requires a percentage of units be reserved for residents whose annual income does not exceed limits, and our new options now allow for a broader range of incomes. In fact, it's now possible to obtain a VHDA Workforce Housing loan even when 80% of the financed units have unrestricted income.
Another advantage is that all of VHDA's Workforce Housing loans can be used to finance a property regardless of whether it includes a commercial or retail component.
For details about our new Workforce Housing loans, including pie charts illustrating each of our loans, visit vhda.com/WorkforceHousing. Or, email VHDA's Director of Rental Housing Development, Dale Wittie.