The Regional + Local Housing Study, completed in 2021, provided seven regional strategies and dozens of individualized local strategies for the region and its localities to pursue. With $2M in implementation funding from Virginia Housing, the Commission is now pursuing one of these regional strategies, the creation of a regional Housing Trust Fund (HTF).
A HTF will act as a locally-controlled bank account to construct or preserve affordable housing throughout the region and will provide funding flexibility currently not available with other state and federal funding sources.
Over the coming months, a regional working board will provide input and oversight to determine the organizational structure, programmatic design, and financial sustainability of the fund. Funding awards are slated for early 2024.
Do the Research - Summer 2022
Review regional housing data and engage with other multi-jurisdictional trust funds from across the country to receive guidance and compile best practices.
Create Housing Oversight Board - Summer 2022
Convene a group of public and private sector representatives from around the region to guide the creation of the fund.
Launch Housing Education Campaign - Winter 2022
An approachable and engaging public-facing video campaign will complement the efforts of the Housing Trust Fund work
Create the Program Together - Spring 2023
The Oversight Board will provide guidance to determine organizational structure, programmatic design, and financial sustainability of the fund.
Explore Funding Opportunities - Summer 2023
There are many funding mechanisms available for the creation of a Housing Trust Fund. Successful housing funds use a blend of sources.
Call for Funding Proposals - Summer 2023
Release Program Guidelines, funding application, and deadline for proposals.
Make Funding Award - Winter 2023/2024
Funding awards will be made to applicants that best demonstrate strong capacity and alignment with program goals.
Construct Housing - 2026
Create a minimum of 20 affordable housing units.
In the News
- Press Release: New River Valley Regional Commission Receives $2 Million in Grant Funding from Virginia Housing (August 4, 2021)
- Federal Reserve Bank of Richmond: Rural Spotlight: Creating a Reservoir of Housing Resources in New River Valley (June 16, 2022)