Housing trust fund

The Department of Housing and Urban Development's Assistant Secretary for Community Planning and Development awarded the Housing & Community Development Virginia Department Of $4,144,711.61 under the Housing Trust Fund (CFDA 14.275) on September 24, 2025.

The recipient will deploy funds to acquire, newly construct, or rehabilitate affordable rental housing for extremely low-income and very low-income households with incomes at or below 30 percent of area median income or the federal poverty line, whichever is greater. At least 80 percent of the award must support rental housing production, preservation, and rehabilitation; up to 10 percent may support homeownership activities; and up to 10 percent may cover reasonable administrative and planning costs. Up to 30 percent of funds may support operations of rental housing acquired, constructed, or rehabilitated with these grant proceeds. The recipient provides assistance to housing projects through grants, equity investments, or interest-bearing or non-interest-bearing loans.

The award period runs through September 24, 2032, with place of performance in Richmond, Virginia. The recipient, a state government entity, will sub-award portions of the grant to local governments, nonprofit organizations, and community-based partners across the Commonwealth for program implementation. Funds drawn down must be expended within 15 days of receipt; all funds must be committed to projects within 24 months and fully expended within five years.