RICHMOND, Va. — Governor Glenn Youngkin announced Tuesday new funding for the Virginia Workforce Housing Investment Program, aimed at increasing the supply of workforce housing across the Commonwealth. The program commits $75 million over five years, with the potential to leverage $750 million and build up to 5,000 units in conjunction with economic development projects. The announcement includes an additional $15 million to accelerate the deployment of capital, building on the success of the program’s first round of awards, which distributed $16.9 million to 10 localities. The new funds will not change the total $75 million commitment for the program.
“We are delivering needed workforce housing supply in partnership with the private sector and localities,” Youngkin said. “Housing is one of the most critical tools for economic competitiveness, and communities that have housing supply for their workforce are gaining new jobs and generating new private investment.”
Administered by Virginia Housing, the program provides loans, loan subsidies, and grants to support housing development for homeowners and renters making between 80% and 120% of the Area Median Income, or up to 150% in rural areas. Awards of up to $3 million are available to localities near new or expanding businesses, while transformational projects creating 500 or more jobs can receive up to $5 million. Recent updates to the program expand eligibility for rural communities, allow more flexibility for matching funds, and refine program guidelines. “The bedrock of thriving communities and lasting success throughout the Commonwealth lies in the creation of affordable, high-quality housing,” said Secretary of Commerce and Trade Juan Pablo Segura.
Governor Youngkin first launched the Workforce Housing Investment Program nearly a year ago with Executive Order 42, which ties economic development to housing supply. Virginia Housing CEO Tammy Neale said the program helps keep the workforce rooted in the state while supporting business growth.
For more information, visit VirginiaHousing.com.
Governor Glenn Youngkin alongside Secretary of Commerce and Trade Juan Pablo Segura, Virginia Housing CEO Tammy Neale, and Director of Virginia Department of Housing and Community Development Maggie Beal at Virginia Workforce Housing Investment Program announcement on October 7, 2025. Official Photo by Kaitlyn DeHarde, Office of Governor Glenn Youngkin.