MULTIFAMILY HOUSING DEVELOPMENT

Affordable

Affordable and Special Needs Housing (ASNH)

The Affordable and Special Needs Housing Program (ASNH) combines state and federal funding sources to fund affordable housing projects throughout the commonwealth. The ASNH program is funded through a bi-annual competitive application process where applications, if approved, will be allocated one or more of the following funding sources.

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Community

Community Housing Development Organization (CHDO)

Community Housing Development Organization (CHDO) is a special status that DHCD can provide to a private nonprofit, community-based organization whose primary purpose is to provide and develop affordable housing for the community it serves.

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Opportunity

Opportunity Zones

The Federal Tax Cuts and Jobs Act of 2017 included provisions for a new revitalization tool, the Opportunity Zone and Opportunity Fund. The zones and funds will allow investors to receive tax benefits on currently unrealized capital gains by investing those gains in qualified Opportunity Zones.

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Private

Private Activity Bonds

As of July 1, 2008, DHCD is responsible for that portion of Virginia’s private activity bonds set aside for local housing authorities and for that portion set aside for the state allocation.

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Vibrant

Vibrant Community Initiative (VCI)

The Vibrant Community Initiative (VCI) combines multiple funding sources to support local or regional transformational community-based projects including affordable housing and community and/or economic development components.

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