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Rental Housing Lending

When it comes to financing your multifamily rental development, there is no one-size-fits-all. We have products that serve different income groups. All of our loans are funded with taxable bonds, tax-exempt bonds, as well as some internally generated funds (REACHVirginia) that can be standalone financing or layered with one another.


Affordable Housing Spectrum

Virginia Housing offers products to serve a range of different income groups.

AMI up to 60% AMI over 60%
Primarily served by the
Housing Credit Program
Primarily funded without federal subsidies. Often includes mixed-income and mixed-use properties
HUD's Area Median Income Limits ↗

Virginia Housing Lending Details

  • Financing With Taxable Bonds

    Our taxable bond financing is ideal for mixed-income or mixed-use/mixed-income developments that offer both workforce and market-rate units. It is also available to fund developments with 9% Low Income Housing Credits.

  • Financing With Tax-Exempt Bonds

    Tax-exempt bond financing is available for the development, acquisition and rehabilitation of affordable housing with 4% Housing Credits. Because these funding sources are federally regulated, developers must meet certain income limits and rent requirements.

  • Workforce Housing  and Mixed-Use / Mixed-Income (MUMI) Financing

    Our Workforce Housing loans allow for a broader range of incomes, so you can choose the financing that best fits the needs of your community. The program requires that a percentage of units be reserved for residents whose annual income does not exceed certain limits. The rest of the units maybe rented to residents at any income level.

    The charts below describe AMI requirements for each loan product.

    Infographic Workforce 100

    Infographic Workforce 20-80

    Infographic Workforce 40-60


    All Workforce Housing loans can be used to finance a property with or without a commercial/retail component.

  • REACH Virginia Funds

    Each year, we invest a large portion of our net revenues into communities. REACH Virginia provides low-cost loans and grants to help support vital housing initiatives throughout Virginia. Financing with REACH Virginia funds can supplement bond-funded loans.

  • Strategic Markets Lending Group

    Our Strategic Markets Lending Group focuses on financing to help provide housing for the homeless population, people with disabilities, underserved markets and smaller revitalization initiatives.

  • Rental Housing Lending Process

    Ready to apply for financing? We offer a step-by-step process to guide you through the application process.

  • Rental Housing Announcements

    Be the first to know about any changes to our existing programs, loan underwriting practices and policies and any modifications to processes and procedures.

    Sign up for updates below or view our Rental Housing Announcements page to learn more.