City Launches New Program to Promote Development of Affordable Rental Housing

Developers interested in expanding affordable housing in Virginia Beach can now apply for the City’s Attainable Workforce Housing Performance (AWHP) Grant. The new program is a partnership between the City of Virginia Beach and the City of Virginia Beach Development Authority that aims to promote the development of safe, affordable multifamily rental housing targeted for households at or below 80% of the Area Median Income.  

Through the program, annual grants are provided to a developer based on a percentage of the incremental real estate taxes generated by their development. The incremental real estate tax is the difference between the taxes generated before and after the development is completed. This means the grant funds are created by the real estate taxes generated by the development itself. Grants are awarded for an initial period of 15 years, with the potential for an additional 15 years of benefit. The grants are intended to make the development of affordable housing more feasible by helping to fill funding gaps. 

Program details and the application package are available online at VirginiaBeach.gov/AWHPGrant.  

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