Virginia Housing has announced a new $75 million Workforce Housing Investment Program to expand housing options for middle income workers in areas experiencing job growth.

The five-year initiative will provide grants, loans and subsidies to local governments, nonprofit and economic and industrial development authorities to accelerate housing development.

“This new, flexible program allows us to magnify our collective impact by partnering directly with communities that need assistance for middle income workers,” said Tammy Neale, CEO of Virginia Housing.

Gov. Glenn Youngkin unveiled the program during his address to more than 1,200 housing advocates at the annual Governor’s Housing Conference in Virginia Beach, highlighting its role in addressing the state’s growing housing demand.

“With record employer relocations and expansions in the Commonwealth, over $85 billion in capital investment, nearly 250,000 jobs created, and a reversal of recent trends on net-out migration, it is clear that Virginia is growing and we need to make sure the supply of housing can meet our surging demand,” Youngkin said.

Virginia Housing plans to allocate $15 million annually for the program, targeting individuals and families earning 80% to 120% of the Area Median Income (AMI), with flexibility for rural areas where AMI limits may rise to 150%.

Awards of up to $3 million will support communities near new or expanding businesses, with up to $5 million available for transformational projects creating 500 or more jobs. The $15 million investment is expected to leverage $100 million in Virginia Housing financing and $150 million in total development costs.

Applications will be evaluated by Virginia Housing, the Virginia Economic Development Partnership, and the Department of Housing and Community Development, with awards announced by June 30, 2025.

Virginia Housing will host a webinar at 2 p.m. Dec. 17 for more information. Registration details are available at VirginiaHousing.com.