Baltimore, MD – Enterprise Community Development today announced significant affordable housing financing awards supporting the creation and preservation of quality homes for families and individuals across the Commonwealth of Virginia.
As part of the record-breaking investment from the Virginia Department of Housing and Community Development (DHCD) through the Affordable and Special Needs Housing (ASNH) Program, Enterprise Community Development secured more than $7.4 million in financing to advance two affordable housing communities.
Enterprise Community Development’s awards are part of a historic statewide investment announced by Governor Glenn Youngkin totaling $154.5 million in ASNH loans across 47 projects. The funding leverages an additional $974 million in public and private resources, bringing the total economic investment in affordable housing to approximately $1.1 billion and supporting the creation or preservation of more than 3,000 homes for low-income Virginians.
Enterprise Community Development’s Awards Include:
- A $4,483,653 ASNH loan to support the development of a 96-unit affordable housing community in Waynesboro. This financing will help create new housing in a growing area of the Commonwealth and expand housing opportunities for households with low to moderate incomes.
- A $3 million+ ASNH commitment for Coralain Gardens in Fairfax County, where Enterprise will preserve and rehabilitate a 106-unit apartment community serving households under 60% of the area median income, ensuring the property remains affordable for decades to come.
These awards reflect a collaborative approach between Enterprise Community Development, state housing officials, and local partners to address housing affordability in high-cost regions across Virginia.
“Preserving existing affordable housing is one of the most effective ways to address rising housing costs, particularly in high-opportunity and high-cost markets,” said Janine Lind, President, Enterprise Community Development. “These investments help ensure that families, seniors and individuals can remain in the communities they call home.”
“This state financing allows us to reinvest in existing communities while maintaining long-term affordability,” said Zachary Marks, Executive Vice President, Enterprise Community Development. “By pairing public and private resources, we’re able to move projects forward efficiently and deliver lasting housing solutions across Virginia.”
The ASNH program fills critical financing gaps by pairing federal and state resources to expedite construction and renovation of affordable homes for low-income households, seniors and special needs populations.
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Enterprise Community Partners is a national nonprofit that exists to make a good home possible for the millions of families without one. We support community development organizations on the ground, aggregate and invest capital for impact, advance housing policy at every level of government, and build and manage communities ourselves. Since 1982, we have invested $80.9 billion and created 1 million homes across all 50 states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands – all to make home and community places of pride, power and belonging. Join us at enterprisecommunity.org.
Enterprise Community Development is a mission-driven affordable housing provider that specializes in high-impact residential development, preservation, property management and resident services for more than 24,000 people who call our communities home. Our $1.25 billion portfolio includes 115 communities and 13,000 homes, positioning us as the largest nonprofit affordable housing provider in the Mid-Atlantic and the sixth largest nonprofit owner of affordable housing in the United States. We are an affiliate of Enterprise Community Partners. For more information, visit www.enterprisecommunitydevelopment.org.
