The Workforce Housing Program is designed to improve affordable housing opportunities so that vital members of our workforce are able to live and work in Virginia Beach.
Through the program, buyers at targeted incomes are given a chance to become homeowners when they would have otherwise been priced out of the market by enhancing the affordability of the housing unit by up to 25%. Program participants' mortgage interest is tax deductible and they experience increased wealth in the form of equity.
To learn more about the for-sale portion of the Workforce Housing Program, please click on the links below:
||Find out if you're eligible to buy a workforce housing unit.|
| Shared Appreciation Program|
||The Workforce Housing Program is a shared appreciation program where a portion of the accrued equity in the workforce housing unit will belong to the City of Virginia Beach upon the sale or transfer of the unit. Learn more about how shared appreciation works.|
| Occupancy Requirements|
||The owner of a workforce housing unit must follow certain occupancy requirements.|
| Refinance Restrictions|
||Owners of workforce housing units must follow certain refinance restrictions.|
| Resale Restrictions|
||In order to preserve the future affordability of a workforce housing unit, the owner must offer the City first right of refusal when he or she wants to sell the unit. Learn more about resale restrictions.|
| How to Apply|
|| On March 8, 2011, the City Council approved the rezoning application for the RiverLake Development, which is the city's first development under the Workforce Housing Ordinance. Learn more about the application process for buying a workforce housing unit.|
| Are you Ready to Buy a Home?|