>>Workforce Housing Development Fund to Use $225k for Affordable Housing in Roanoke
(Roanoke, VA) -- The Roanoke Economic Development Authority has allocated $225,000 to the Roanoke Workforce Housing Development Fund to address the shortage of affordable housing in the city. Thomas Cage with more.Preview: Voicer Script:
This funding supplements the $2 million dollars received from the American Rescue Plan last year. Director Marc Nelson hopes the project will address the ongoing challenge of affordable housing. A study by Virginia Tech revealed a deficit of over 4,000 housing units in Roanoke, with many residents spending more than 30% of their income on housing. Projects like the transformation of Belmont Baptist Church into apartments aim to provide affordable housing, with 20% of units reserved for families earning 60% or less of the area's median income. Developers can apply for funding to create affordable housing, with the requirement that 20% of units remain affordable for 20 years.