Being able to live where you work contributes to the quality of life not just for the individual, but for the community as well. When our workforce is able to live where they work, we all benefit.
Click here to learn about the benefits of workforce communities.
Despite the slowdown in the housing market, housing prices in Virginia Beach still remain above what is considered affordable to moderate income, working professionals. Due to the gap between income and housing prices, for both ownership and rent, many of our vital workforce members are forced to commute or relocate entirely.
The Workforce Housing Program was created to improve affordable housing opportunities for vital members of our community - our teachers, police officers, firefighters, nurses, medical technicians, military personnel, retail workers, recent college graduates and young families.
The program offers a "bonus density" to developers who voluntarily build workforce housing units in combination with the development of market-rate units. By allowing developers to build more units with no additional land cost, rental units are more affordable and “for-sale” units are sold with special financing that allows for more affordable monthly mortgage payments. The Workforce Housing Program also allows the city first rights to buy back the property at the time of resale, therefore helping to maintain an affordable stock of homes.
||Program requirements for developers of single-family properties (for-sale units) and multi-family properties (rental units). |
||Learn about the eligibility requirements for buying a workforce housing unit and how the program is a shared appreciation program. Are you ready to buy a home? Click here for tips to help prepare you for making this important investment.|
||Learn about the eligibility requirements and the process for renting a workforce housing unit.|
| Lenders, Realtors, & Appraisers|
||Workforce Housing Program guidelines and program requirements for lenders, realtors and appraisers.|
| Developments Containing Workforce Housing|
||On March 8, 2011, the City Council approved the rezoning application for the Riverlake Development, which will be the city’s first development under the Workforce Housing Ordinance. Learn more about the Riverlake Development.|
|Income Guidelines, Maximum Affordable Sales Prices and Maximum Affordable Rents|
||Workforce Housing Income Guidelines|
Maximum Affordable Sales Prices
Maximum Affordable Monthly Rents