City Approves First Grant Applications Under New Program to Boost Affordable Housing Development and Economic Growth

The Virginia Beach City Council and the City of Virginia Beach Development Authority (VBDA) recently approved the use of the Attainable Workforce Housing Performance (AWHP) Grant Program for two affordable multi-family rental housing developments in Virginia Beach.  

Grand Lake Senior Apartments and The Silo Apartments are the first developments to be approved for AWHP grants since the City and VBDA partnered to launch the program in September. When completed, the communities will provide a total of 372 new units for households with incomes that are, on average, 60% of the Area Median Income (AMI).   

The AWHP Grant Program aims to promote the private development of safe, quality, affordable, multi-family rental housing to help meet housing affordability challenges in Virginia Beach. According to the most recent study of the city’s housing market, one in three households are considered housing cost-burdened, meaning they spend more than 30% of their income on total housing costs. A critical concern is a lack of affordable rental units, especially for residents with very low income. Essential workers who live alone and seniors on fixed incomes also have difficulty affording housing. 

“This program comes at a crucial time and will make a significant impact on meeting the critical need for more housing that is affordable for seniors and workforce members in our community,” said Ruth Hill, director of Housing & Neighborhood Preservation. “Council’s longstanding commitment to make the creation and maintenance of affordable housing a top priority in Virginia Beach, and VBDA’s additional support for this initiative, played a pivotal role in leveraging this new development tool and getting this innovative solution off the ground.”  

The City Council approved resolutions on Oct. 21 to approve the AWHP Grant to The Silo Apartments L.P. and Grand Lakes L.P., authorize the city manager to execute the grant agreement and support agreement, and request that VBDA approve the grant. The developer for Grand Lake Senior Apartments and The Silo Apartments is the Franklin Group Companies.  

For questions about the AWHP Grant, contact Sharon Shoff, Housing Development manager, at 757-385-5836 or SShoff@VBgov.com.