Workforce Housing Benefits All of Us
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Buyers
- Enables buyers at the targeted incomes a chance to become homeowners when they would have otherwise been priced out of the market.
- Enhances the affordability of the housing unit by up to 25%.
- Provides program participants the ability to live and work in Virginia Beach.
- Mortgage interest is tax deductible.
Renters
- Renters are provided affordable rents.
- Renters are able to live in quality units.
- Provides program participants the ability to live and work in Virginia Beach.
Developers
- Participating in the program is voluntary.
- Developers who choose to participate in the program are offered a "bonus density" for including workforce housing units in their housing development.
- There is a simplified sales process.
Community & City
- High quality housing is built.
- Neighbors do not experience a reduction in property values.
- Workforce housing is integrated throughout development.
- City's ability to provide high-quality affordable housing is increased.
- Our local workforce can live where they work.
- Workforce communities enhance the city's economic development and quality of life.
- The city is able to attract and retain the best employers and employees.
- The affordability of housing for future generations is preserved.