RICHMOND - Governor Terry McAuliffe today announced $2.25 million in Vibrant Community Initiative (VCI) funding for a housing and community development project in the City of Richmond. The Better Housing Coalition will receive funds for a comprehensive community-based strategy expanding the availability of affordable housing and creating more opportunity for community residents to succeed. The Richmond-based project focuses on the revitalization of a former hotel on Broad Street and an adjacent parcel in the Scott’s Addition neighborhood. The project will result in 200 units of mixed-income rental housing, retail space, and other community amenities with close access to a bike share center and public transportation.
“The Vibrant Community Initiative encourages housing development in comprehensive projects that have local community and economic impacts,” said Governor McAuliffe. “I am proud to announce funding for this ambitious project that will provide additional affordable housing and community amenities in Scott’s Addition, an investment that is a building block of our new Virginia economy.”
VCI combines multiple Virginia Department of Housing and Community Development (DHCD) funding sources to support local or regional comprehensive community-based projects including affordable housing, community development, and economic development components. The initiative identifies highly impactful, transformational projects, and then leverages several funding resources to streamline the application, project management, and compliance processes. The Virginia Housing Development Authority (VHDA) has partnered with DHCD to provide critical technical assistance and financial support. A tiered application process was utilized to solicit proposals and applicants were required to submit a letter of interest to identify the project and its key characteristics. A panel with representatives from DHCD and VHDA evaluated the proposals. Site visits were conducted for the four highest rated projects and two applicants submitted final proposals.
“Since 2016, the VCI program has leveraged $7.25 million to support impactful projects throughout the Commonwealth, creating better housing opportunities for local communities,” said Secretary of Commerce and Trade Todd Haymore. ”By investing in both affordable housing and commercial redevelopment in Richmond’s Scott’s Addition area, VCI funds will greatly increase the affordable housing options that are connected to ongoing and increasing economic activity and public transportation choices.”