TOBACCO COMMISSION LAUNCHES ECONOMIC DEVELOPMENT WORKFORCE HOUSING INCENTIVE PILOT PROGRAM
UP TO $2 MILLION AVAILABLE FOR WORKFORCE HOUSING PROJECTS IN SOUTHERN AND SOUTHWEST VIRGINIA
| Developed with feedback from staff of Virginia Housing and the Virginia Department of Housing and Community Development, the Economic Development Workforce Housing Incentive Pilot Program is designed to make the Commission’s footprint more attractive for economic development by directly addressing a major concern of expanding employers: insufficient housing for their workforce. The program takes advantage of the Commission’s ability to offer innovative solutions to the challenges Southern and Southwest Virginia are facing and will allow Commission funds to serve as a catalyst, bringing together public and private sector partners to address workforce housing needs. |
| Tobacco Commission member Delegate Danny Marshall said, “In Southern Virginia we have had great success building our economy over the last decade or so by attracting new businesses and adding thousands of jobs. I want to see that growth continue, and I believe it can, but those workers are going to need places to live. We need to find solutions for the “missing middle,” those who fall into the gap between affordable housing programs and the housing that many developers choose to build that, in today’s market, is often too expensive for working families. This program offers an opportunity to bring together state agencies, local government and the private sector to generate innovative solutions so we can continue to attract the jobs of the future to Southern Virginia.” Tobacco Commission Vice-Chair, Delegate Will Morefield added, “Southwest Virginia faces difficulties when it comes to workforce housing due in part to aging housing. The region has the workforce and other assets it needs to succeed, and we must not let a shortage of housing stand in our way. I am pleased the Tobacco Commission has committed these funds to address this issue. The pilot program provides a solution that will be critical to building our economy, and I look forward to playing an active role as it moves forward.” “This pilot program was created after listening closely to the communities we serve as they expressed their needs, and in support of Governor Youngkin’s push for increased availability of affordable housing,” said Tobacco Commission Executive Director, James Campos. “I am certain that, working with Virginia’s housing community, our local partners, the private sector, and others, we can find solutions that will meet the needs of Southern and Southwest Virginia and allow us to continue bringing great opportunities to the Commission footprint.” |
| Economic Development Workforce Housing Incentive Pilot Program Total allocation: $2 million Purpose: Enhance the appeal of the Tobacco Region for major economic development projects by incentivizing localities and employers to develop affordable housing options for employees. Applications are accepted on a rolling basis. A pre-application detailing the proposed project is required and serves as an opportunity for Commission staff to conduct a preliminary assessment of the project’s eligibility for funding and, to provide meaningful feedback to applicants before they prepare a full application package. Candidates will be notified by Commission staff if their pre-application is selected to move on to the full application process. Full applications are evaluated by Commission staff, and funding recommendations are put forward to the full Commission for further discussion and approval at its spring, fall, and winter meetings. Incentive structure: Applications are made by political subdivisions of the Commonwealth on behalf of the housing developer, which may be for-profit or non-profit. Applications are received and evaluated on a rolling basis. Funds require a minimum three-to-one match and generally follow existing Tobacco Commission funding policies. Units can be for rent or for sale. For further program details, including additional requirements and how to apply, please visit the Economic Development Workforce Housing Incentive Pilot Program page on our website. |
| About The Tobacco Region Revitalization Commission The Tobacco Region Revitalization Commission is a 28-member body created by the 1999 General Assembly. Its mission is the promotion of economic growth and development in tobacco-dependent communities, using proceeds of the national tobacco settlement. To date, the Commission has awarded over 2000 grants totaling more than $1.1 billion across the tobacco region of the Commonwealth, and has provided $309 million in indemnification payments to tobacco growers and quota holders. www.revitalizeva.org |