June 25, 2019

VHDA + GO Virginia: Partners in Economic Development

If Virginia wants job growth and economic prosperity, it needs to offer affordable housing.

That’s one of two key points VHDA is making in its ongoing discussions with one of the state’s leading economic development initiatives – GO Virginia.

The second point follows from the first: VHDA resources and programs are helping localities boost their affordable housing stocks. 

The GO Virginia Coalition was formed in 2015 by senior business leaders in the Commonwealth. It provides financial and other incentives for business, government and educational entities to collaborate in ways that foster high-paying job growth in the private sector. The coalition is divided into nine geographically drawn regional councils, each with its own economic and workforce development challenges and opportunities. Chris Thompson, VHDA’s Director of Strategic Housing, has been in discussions with many of them.

“One region we’ve met with wants to accelerate its growth in the biotech sector,” said Thompson. “We’ve talked about how VHDA could potentially help develop properties in which research and development facilities – or wet labs as they’re called – occupy the first floor, with entrepreneurs on the second floor and apartments higher up. Under the right circumstances, VHDA could finance the purchase and renovation of such properties, and even provide grant funding for front-end activities.”

This example reflects the development of a mixed-use / mixed-income property that has both a commercial and a housing component. This type of development just one of VHDA’s areas of expertise that can be a catalyst for job growth.

Another GO Virginia regional council decided to establish a housing subcommittee, following a meeting with VHDA. The region plans to apply for a VHDA Community Impact Grant to assess the redevelopment potential of properties located within its boundaries.

The link between jobs and housing is strong. Companies that expand their operations by adding jobs at a new location, for example, pay close attention to housing supply-and-demand considerations during their site selection process. A locality that lacks affordable housing units may be eliminated simply for that reason.

VHDA will continue to meet with GO Virginia’s regional councils, and explore opportunities for further collaboration. Our shared goal is to help ensure Virginia has the affordable housing it needs for a strong economic outlook.

For more information, please contact Chris Thompson, VHDA’s Director of Strategic Housing, at 804-343-5692 or Chris.Thompson@vhda.com.

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