Virginia Governor Terry McAuliffe has recently introduced a number of new proposals to stimulate the state housing market. These ideas include a $1 billion initiative to repair and expand state schools. They more recently introduced a $4 million affordable housing program. The program will be developed by a group of private investors without the need for any government financing. Arlington citizens hope the new program could solve some of their affordable housing concerns.
New Affordable Housing Plan Offers Hope to Virginia Residents
A number of Virginia residents have expressed concern about the lack of affordable housing options. The Cass Affordable Housing Initiative and Windsor Homes of Springfield recently put forward a new plan to address the issue.
Laymon Carter, president of the Cass Affordable Housing Initiative, said that the $4 million project will bring significant benefits to the region. Carter pointed out that the government is no longer involved in housing construction. However, the IRS offers a number of tax credits that are used to help finance affordable housing projects throughout the country. Carter clarified that the entire project will be privately funded. They will rely on tax credits over the course of 15 years.
The Cass Affordable Housing Initiative and Windsor Homes of Springfield will be utilizing these credits to construct an unspecified number of housing units for lower income families. Carter said that his organization would manage the property while the tax credits remained in effect. They could be sold to renters or investors after the 15 years were over.
“As the managing partner, the opportunity is given to us to take over the balance of what mortgage is left,” he told the Journal Courier.
Additional Housing Programs Could Be on the Horizon
This affordable housing plan could be a major game changer for many citizens in Arlington and other parts of Virginia. However, it is still unclear how many people will receive access to affordable housing after the new programs are completed.
Other organizations may be needed to help fill the demand for low-income housing in Central Virginia. Nonprofit organizations will probably be more committed to addressing the shortage, because they have a mission to serve the working class without a desire to profit.
Arlington city officials and state lawmakers are expected to reach out to nonprofit organizations to help fund these programs. They hope additional plans will be introduced in the coming months.